Petrol, diesel prices up for the 7th consecutive day

Petrol

New Delhi, Sep 22: Petrol and diesel prices have been raised by State-run oil marketing companies on Monday by 28-31 paise and 19-21 paise a litre, respectively.

In Delhi, after today’s rate revision, petrol prices rose to Rs 73.91 a litre as against Rs 73.62 a litre on Sunday while diesel price rose to Rs 66.93 per litre as compared to Rs 66.74 on Sunday, as per data from Indian Oil Corporation website.

Check today’s rates in top cities

The pump prices of petrol and diesel are the cheapest Delhi among all metros and most state capitals due to lower taxes. On Sunday, fuel retailers hiked petrol prices by 21-28 paise a litre and diesel by 21-23 paise per litre across the country.

Citizens in Mumbai have to pay Rs 79.57 for a litre of petrol after a 28 paise raise over Sunday’s price. A litre of diesel costs Rs 70.22 per litre, 21 paise higher than yesterday’s rate of Rs 70.01 a litre.

Domestic fuel prices have increased significantly over the past one week after the recent drone attacks on Saudi-oil major Aramco and petrol prices across major cities by around Rs 1.60 per litre.

In the national capital, petrol prices have risen Rs 1.65 since the attacks on September 21. On Sunday, the fuel was priced at Rs 73.62 per litre.

Prices in Chennai, Mumbai and Kolkata rose by Rs 1.67, Rs 1.64 and Rs 1.66 to Rs 76.52, Rs 79.29 and Rs 76.36 per litre, respectively, on Sunday, data on the Indian Oil Corp’s website showed.

The rate of increase in prices has been higher in the past four days. On a daily basis, prices in Delhi, Chennai, Mumbai and Kolkata rose by 27 paise, 28 paise, 27 paise and 31 paise compared to Saturday’s price levels.

Diesel prices across the metro cities also increased by over a rupee after since September 14. In Delhi, Chennai, Mumbai and Kolkata, prices of diesel have so far increased by Rs 1.37, Rs 1.47, Rs 1.45 and Rs 1.37 to Rs 66.74, Rs 70.56, Rs 70.01 and Rs 69.15 per litre, respectively, on Sunday.

Experts suggested that following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre.

A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

However, government sources have indicated that, even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high auto fuel prices as oil companies and the government may absorb a portion of the price hike.

On September 16, the first working day post the attacks, prices of benchmark Brent crude surge to $72 per barrel. Eventually, however, they have eased following assurances improvement in supplies by Aramco. The demand scenario also has remained stagnant which has helped prices come down from the highs.

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