Petrol price up 17 paise, diesel 22 paise after two-month hiatus

India's Prime Minister Narendra Modi gestures during the celebrations after the victory in Bihar assembly election and by-election in other states at the Bharatiya Janata Party headquarters in New Delhi

With today's increase in fuel prices, petrol is being sold at Rs 81.23 a litre while diesel is at Rs 70.68 a litre in Delhi. In the national capital, petrol is being sold for Rs. 81.23 per litre, an increase of 17 paise from the last price, while diesel quotes at Rs. 70.68, which marks an increase by 22 paise. The 58-day hiatus in petrol price revision and the 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and a 85-day status quo between March 17 and June 6.

The Oil Marketing Companies (OMCs) in India such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation - follow benchmark global oil price and foreign exchange rate to revise rates of petrol and diesel on a daily basis.

Interestingly for every dollar increase in crude oil price, retail selling price of both diesel and petrol should go up by up to 40 paise per litre.

Reacting to the news, netizens not only meme-mocked the Modi government in the country, but also in a serious note which pointed out that the difference in fuel prices in India as compared to other south-Asian countries is just another attack on the pockets of salaried middle class Indians - many of whom are now struggling with pay cuts and job losses due to the pandemic.

This is the first revision in petrol prices since September 22. Now that option is exhausted and regular price revision could restart.

State-owned fuel retailers started raising fuel prices from Friday after a long gap. Also, demand for oil as well as inventory levels which have gone down in major consuming nations has also led to the surge in global crude prices.

The benchmark Brent crude price is hovering over $44 a barrel for some time now while the US WTI crude is also close to $42 a barrel. The two have remained firm since the beginning of the month after remaining soft in most parts of October at close to $40 a barrel or less. This is required to keep OMCs from incurring losses on the sale of petrol and diesel.



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