Prices pump-up: Fuel prices resurge after three-day break

Across the country, as well, the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level.
A representative image
A representative imageTBC/Aditi Malewar

On Saturday, the pump price of petrol and diesel went up by Rs 24 paise and 15 paise per litre. With this, petrol is currently priced at Rs 91.17 a litre, and diesel Rs 81.47 a litre in the National Capital.

Across the country as well the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level. Sources in OMCs (Oil Marketing Comapanies) said that price rise on Saturday followed the movement in the product price in global markets. The crude oil is also on the boil with benchmark Brent crude still above $66 a barrel now. It was less than $60 a barrel just a few days back.

Also Read | Relief in fuel price hike: Check the latest rates of petrol and diesel in Pune, Mumbai

Petrol and diesel prices have been rising continuously since February 9. The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, while the petrol price is just Rs 2.4 per litre short at Rs 97.57 a litre (from the three-digit mark of Rs 100 per litre for the very first time), Diesel is closing in on Rs 90 a litre (Rs 88.60 a litre). Premium petrol crossed the Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh, and Maharashtra a few days back.

Also Read | Oil on boil: Petrol crosses Rs 100-mark in Pune

Even though there was a brief pause on the oil boil, the consecuential rise is worrisome for .

Since fuel prices are benchmarked to a 15-day rolling average of global refined products' prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises. The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.

Also Read | TBC Explainer: Know why you are paying a bomb for fuel

According to the reports, the oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in-line with global developments to prevent OMCs from making a loss on the sale of auto fuels.

(With Inputs from IANS)

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