Petrol price crosses Rs 91 mark, diesel costliest ever

Oil prices petrol prices diesel price US inventory Saudi Arabia

The auto fuel price rise was on hold for the last five days after the petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities.

In India, petrol rates per litre were hiked by 25 paise on Wednesday to Rs 84.45 in New Delhi, Rs 91.07 in Mumbai, Rs 85.92 in Kolkata and Rs 87.18 in Chennai. With this, Delhi broke its previous record of Rs 84.20 per litre recorded on January 7.

State-owned fuel retailers (IOC, HPCL, BPCL) had on 6 January, resumed daily price revision after almost a month-long hiatus. On January 6 and 7, the petrol price was 49 paise, while that of diesel's hiked by 51 paise. The United States West Texas Intermediate was up 1.3% at $53.88 a barrel, while Brent crude was up 79 cents at $57.37.

The price of petrol and diesel increased. Today's petrol and diesel price hikes are said to be the highest in 25 months. Diesel increased to Rs 74.63 per litre.

Meanwhile, the government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Both benchmarks are trading at the highest since February, before the coronavirus outbreak began spreading across the world, forcing countries to impose lockdowns. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

In Mysuru, the price of petrol per litre is Rs 86.86 and diesel per litre - Rs 78.72 as of today (January 13).

In the worldwide market, a strong trend in the price of crude oil was noticed in the new year.

Since May 2020, petrol price has risen by Rs 14.79 per litre and diesel by Rs 12.34 a litre, price notifications of oil companies showed.



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