Fuel prices record 16th hike this month
Oil companies on Saturday raised petrol prices by 24 paise per litre and diesel by 15 paise a litre, making the two fuels costlier by ₹4.87 per litre and ₹4.99 in just one month. With the 16th price hike in the current month, petrol was sold at record ₹91.17 per litre in Delhi on Saturday and diesel at ₹81.47 a litre, just 50 paise short of the all-time high. Diesel was sold at record ₹81.94 per litre on July 30, 2020 in Delhi.
Domestic fuel retailers raised petrol and diesel rates on Saturday, even as international crude oil prices fell on Friday because of the strengthening dollar. Benchmark Brent crude on Friday closed at $66.13 per barrel, down by 1.12%. However, Brent crude surged by over 18% in February on supply disruptions in the US and a rapid demand recovery with the launch of Covid-19 vaccination programmes.
According to the latest data released on Friday, the Indian economy has come out of contraction zone after the easing of lockdown restrictions and resumption of economic activities.
