Fuel Prices In India Go Up When Crude Prices Come Down

The cost of sensitive fuel petrol and diesel has gone up again on Friday despite crude oil prices falling in the international markets. The state-owned oil marketing companies (OMCs) have increased the petrol prices by up to 27 paise per liter and diesel by 28 paise across metros, taking the rates to a fresh record high, as per the Indian Oil Corporation (IOC) data.

The fuel prices were hiked even as oil prices fell on Friday as concerns about the patchy roll-out of anti-coronavirus vaccinations around the world tempered earlier-in-the-week optimism that demand for fuels was recovering from the pandemic’s depths.

On Friday, Brent crude was down 29 cents, or 0.4%, at $71.02 per barrel as of 0057 GMT, after falling 4 cents on Thursday after reaching a high not seen since May 2019. Even the US oil fell 29 cents, or 0.4%, to $68.52, after dropping 2 cents in the previous session.

In Delhi, a liter of petrol costs Rs 94.76, and a liter of diesel costs Rs 85.66. In Mumbai, petrol price is approaching the Rs 101 mark, rising to Rs 100.98 per liter on Friday, while diesel is priced at Rs 92.99 per liter.

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