Petrol price on Monday was hiked by 7 paise per litre and diesel by 18 paise for the fourth straight day as the international oil rates broke a nearly two-month-long hiatus in price revision.<\/p>\n
Petrol price in Delhi on Monday was hiked to Rs 81.53 a litre from Rs 81.46 per litre, according to a price notification from oil marketing companies.<\/p>\n
Similarly, diesel prices rose to Rs 71.25 a litre in Delhi from a level of Rs 71.07 a litre on Sunday.<\/p>\n
State-owned fuel retailers started raising fuel prices from Friday. In four days, petrol price has gone up by 47 paise and diesel rates have risen by 79 paise per litre.<\/p>\n
Petrol prices had been static since September 22, and diesel rates hadn’t changed since October 2.<\/p>\n
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.<\/p>\n
But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the OMCs have finally resorted to price increase again to cover for their under recovery on the sale of two petroleum products.<\/p>\n
The benchmark Brent crude has crossed $45 a barrel on Intercontinental Exchange (ICE). It has remained at over $43 a barrel for most part of November.<\/p>\n
The OMCs need almost 40 paise per litre increase in retail price of petrol and diesel to cover for $1 increase in crude. Going by this yardstick, product prices would have to be increased by upto Rs 2 per litre to cover under recovery on its sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
Petrol price on Monday was hiked by 7 paise per litre and diesel by 18 paise for the fourth straight day as the international oil rates broke a nearly two-month-long hiatus in price revision. Petrol price in Delhi on Monday was hiked to Rs 81.53 a litre from Rs 81.46 per litre, according to a price notification from oil marketing companies. Similarly, diesel prices rose to Rs 71.25 a litre in Delhi from a level of Rs 71.07 a litre on Sunday. State-owned fuel retailers started raising fuel prices from Friday. In four days, petrol price has gone up by […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-385747","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/385747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=385747"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/385747\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=385747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=385747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=385747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}