Diesel price was hiked on September 26 by 23 to 27 paise per litre across the country – the second increase in rates in over two months – as international oil prices neared their highest since 2018, consistent with a price notification by state-run oil companies. Petrol price, however, remained unchanged for 21 days during a row.
Diesel price increased by 27 paise in Mumbai, which revised the retail price of the fuel to Rs 96.68 on the day. Petrol price remained an equivalent and sold at Rs 107.26 per litre in Maharashtra’s capital.
In Delhi, fuel prices witnessed an identical trend because the diesel price increased by 25 paise while the speed of petrol kept unchanged. With this revision, a litre of diesel sold at Rs 89.07 and petrol at Rs 101.19 within the capital .
The diesel price increased in Kolkata too, where a litre of the fuel retailed at Rs 92.17, with a rise of 25 paise. Petrol price didn’t change in West Bengal’s capital and retailed at Rs 101.62 per litre.
Chennai also witnessed a rise of 23 paise in diesel prices, which took its rate to Rs 93.69 per litre. Petrol price remained at the previous price of Rs 98.96 per litre in Tamil Nadu’s capital.
Since the last price revision in petrol on September 5, the worth of petrol and diesel within the international market is higher by around $6-7 per barrel as compared to average prices during August.
But oil companies, which are alleged to revise prices daily in line with the value , didn’t change rates for nearly three weeks. they need now began to expire the rise to customers. Average international petroleum prices had fallen by quite $3 per barrel in August as compared to the previous month. This came against the backdrop of mixed economic data from the us and China and mobility restrictions in Asia fuelled by the fast-spreading Delta variant.
Accordingly, retail prices of petrol and diesel within the Delhi market were reduced by Rs 0.65 a litre and Rs 1.25 per litre by oil marketing companies from July 18 onwards.
The last downward revision was on September 5. before that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this era .
The price hike during this era pushed petrol prices above the Rs 100-a-litre mark in additional than half the country, while diesel crossed that level in a minimum of three states. India depends on imports to satisfy nearly 85 per cent of its oil needs then benchmarks local fuel rates to international oil prices.
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