Petrol price crosses Rs 91 mark, diesel costliest ever

13 Janvier, 2021, 19:28 | Auteur: Auguste Feret
  • Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai

The price of petrol is Rs 91.07 per litre. The petrol prices on Monday had touched a high of Rs. 74.02, a level that was sustained on Tuesday and Wednesday. On January 6 and 7, the petrol price was 49 paise, while that of diesel's hiked by 51 paise. For petrol, it is Rs 86.48. On January 7, the price of petrol in Delhi reached a record ₹84.20 per litre.

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. On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre. The highest rate for petrol in Mumbai was recorded on October 4, 2018, when it was Rs 91.34.

Both benchmarks, Brent and WTI, are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.

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The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause. Similarly in Kolkata, petrol has reached Rs 85.92 and diesel Rs 78.22 and in Chennai, petrol has reached Rs 87.18 and diesel Rs 79.95. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks by taking into account alterations in the foreign exchange rates.

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 US dollar also weighed on prices. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

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