Petrol prices could touch an all-time high with oil marketing companies (OMCs) raising their retail price for sixth consecutive day on Monday. <\/p>\n
The price of petrol here increased by a margin of 30 paisa per litre on Monday to Rs 83.71 a litre from a level of Rs 83.41 a litre on Sunday. <\/p>\n
The OMCs also raised the price of diesel by 26 paisa per litre to Rs 73.87 a litre as against Rs 73.61 a litre a day earlier. <\/p>\n
With the increase, retail price of petrol has inched closer to all time high levels of Rs 84 a litre — that it touched two years back on October 4, 2018. <\/p>\n
Given the rate of daily increase by OMCs, that milestone may be achieved as early as Tuesday or Wednesday. <\/p>\n
Across the country as well, retail prices of petrol is inching closer to all-time high levels and will breach the mark this week if the prices continue to rise daily. <\/p>\n
Global crude prices have firmed up recently over the news of successful coronavirus vaccine. It has risen almost $10 a barrel in last one month to reach closer to $50 a barrel now. <\/p>\n
However, even at that level, it is far less than average crude price of $80.08 a barrel in October 2018 when petrol prices reached highs of Rs 84 a litre in the national capital. <\/p>\n
With Monday’s increase, fuel prices have now increased on 15 of the past 18 days with petrol prices rising by Rs 2.65 per litre and diesel by 3.41 a 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 lost their patience and finally resorted to price increase to cover for their under recovery on the sale of two petroleum products. <\/p>\n
The benchmark Brent crude has crossed $49 a barrel on Intercontinental Exchange (ICE) lately. It has remained over $44 a barrel for most part of November.<\/p>\n","protected":false},"excerpt":{"rendered":"
Petrol prices could touch an all-time high with oil marketing companies (OMCs) raising their retail price for sixth consecutive day on Monday. The price of petrol here increased by a margin of 30 paisa per litre on Monday to Rs 83.71 a litre from a level of Rs 83.41 a litre on Sunday. The OMCs also raised the price of diesel by 26 paisa per litre to Rs 73.87 a litre as against Rs 73.61 a litre a day earlier. With the increase, retail price of petrol has inched closer to all time high levels of Rs 84 a litre […]<\/p>\n","protected":false},"author":40,"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-388374","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/388374","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=388374"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/388374\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=388374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=388374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=388374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}