OIL & GAS

Hike in petrol, diesel rates after global oil price jump

Petrol and diesel prices rose sharply by 25 paise per litre on Wednesday after oil marketing companies decided to break the momentary pause in the wake of a sudden spike in the global oil prices.

Accordingly, in the national capital, petrol was sold at the new record high level of Rs 84.45 from the previous days of Rs 84.20 a litre while diesel price increased to Rs 74.63 per litre as against Rs 74.38 a litre earlier.

Across the country as well the pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.

Auto fuel price rise was on hold for the last five days after the petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities.

But, the OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia’s decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

At Rs 84.45 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

Source
ET Energy World
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