Petrol, diesel price surge continues on fall in USA oil inventory

Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai

Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai

Petrol price on Wednesday crossed Rs 91 for a litre in Mumbai after remaining unchanged for five days.

Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.

Petrol and diesel prices were hiked up to 25 paise across the major cities in the country on Wednesday (January 13) after a hiatus of around a week.

In Mumbai, the cost of petrol was Rs 91.07 and that of diesel was a record-high of Rs 81.34.

This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. On January 6 and 7, the petrol price was 49 paise, while that of diesel's hiked by 51 paise.

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The price increase cycle resumed on Wednesday after worldwide oil prices rose for the seventh day.

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. In Kozhikode, it is Rs 84.66 and for diesel, it is Rs 78.77. Diesel increased to Rs 74.63 per litre. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

The last time the price of petrol was as high as Rs 84 per litre in Delhi was on October 4, 2018.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on the sale of auto fuels.

Oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger USA dollar also weighed on prices. Value-Added Tax in Delhi totals to Rs 19.32 a litre on petrol and Rs 10.85 on diesel.

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