State-owned oil marketing companies increased the prices of petrol and diesel on Saturday after a three-day hiatus taking retail rates of fuel to fresh highs across the country barring states that recently slashed taxes on petroleum products.
According to IOCL website, the price of petrol was raised by 24 paise and while diesel price was hiked by 15 paise per litre. Following the latest hike, petrol is now priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital Delhi.
After Saturday’s rate revision, petrol price in Dimapur rose from Rs.89.95 per litre to Rs. 90.19 per litre while diesel price increased from Rs.83.56 per litre to Rs.83.72 per litre.
Likewise, in the state capital Kohima, petrol price soared to Rs. 91.09 per litre and diesel price climbed to Rs.84.44 per litre.
According to IANS report, the sources in OMCs said that price rise on Saturday followed movement in product price in global markets. The crude oil is also on boil with benchmark Brent crude still above $66 a barrel now. It was less than $60 a barrel just a few days back.
Petrol and diesel prices have been rising continuously since February 9.
The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.
Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.