On Sunday, the diesel price was raised by 25 paise per litre, marking the second hike in rates after state-owned oil corporations abandoned a three-week rate freeze after worldwide oil prices surged to their highest level since 2018.
According to a price statement from state-owned fuel dealers, the price of diesel has been raised to Rs 89.07 per litre in Delhi and Rs 96.68 in Mumbai.
The price of petrol has remained unchanged. In Delhi, a litre costs Rs 101.19, whereas in Mumbai, it costs Rs 107.26.
On September 24, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), and
Corp Ltd (HPCL) resumed daily price revisions, ending a rate freeze that had been in effect since September 5.
The price of diesel was raised by 20 paise per litre on September 24. The price of petrol had stayed steady on that day as well.
Brent crude has increased to USD 77.50 per barrel as petroleum stocks in Europe and the United States have reduced. This is the fifth week in a row that oil prices have increased by 2%.
In comparison to August’s average pricing, the price of petrol and diesel on the international market has increased by roughly USD 6-7 per barrel this month.
Oil firms, on the other hand, have not changed rates in nearly three weeks, despite the fact that they are supposed to do so daily in accordance with costs. Customers have begun to benefit from the rise.
In August, average international crude oil prices fell by more than USD 3 per barrel compared to July.
This happened amid mixed economic data from the United States and China, as well as travel limitations in Asia fueled by the rapidly spreading Delta version of Covid.
As a result, from July 18 onwards, oil marketing companies in the Delhi market decreased retail prices of petrol and diesel by Rs 0.65 and Rs 1.25 per litre, respectively.
On September 5th, the most recent downward revision occurred.
Prior to that, from May 4 and July 17, the price of petrol was hiked by Rs 11.44 per litre. During this time, the price of diesel has increased by Rs 9.14.
During this time, the price boost pushed petrol prices beyond Rs 100 per litre in more than half of the country, while diesel prices did so in at least three states.
India relies on imports to cover approximately 85% of its oil demands, therefore local fuel prices are based on worldwide oil prices.