Petrol, diesel price hiked for the 8th day in a row
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New Delhi: Fuel prices continue to surge across the nation for the eighth consecutive day with oil on the boil in global markets and both crude and product prices witnessing a significant spike, the IANS reported.
Accordingly, oil marketing companies raised the pump price of diesel by a high level of 35 paise per litre and petrol by another 30 paise per litre in Delhi.
With this increase, petrol is now priced at Rs 89.29 a litre and diesel Rs 79.70 a litre in the capital.
In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while the diesel rate has risen by Rs 2.91 a litre.
Across the nation as well the petrol prices increase ranged from 26-32 paise per litre and diesel price 30-35 paise per litre depending on the level of local taxes on the two petroleum products.
According to IANS, in Mumbai, petrol price is just Rs 4 per litre short (Rs 95.75 a litre) touching the three digit mark of Rs 100 per litre for the very first ever anywhere in the country. Diesel prices in the city are closing on Rs 90 a litre (Rs 86.72 a litre).
In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre barring Delhi.
Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan and Madhya Pradesh and very close to the levels in Maharashtra.
The increase on Tuesday has followed the firming global oil prices (both product and crude) that have maintained a record streak of gains in past few days with crude reaching over $ 63.5 a barrel mark (single day gain over 2 per cent).
But experts said that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices soon. Also, Saudi Arabia unilateral production cuts may also be withdrawn post March putting downward pressure on oil prices.
The petrol and diesel prices have increased 20 times in 2021 with the two auto fuels increasing by Rs 5.58 and Rs 5.83 per litre respectively so far this year.
The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.