Diesel price goes up for 2nd consecutive day, petrol rate remains unchanged

Diesel price goes up for 2nd consecutive day, petrol rate remains unchanged

Diesel prices on Monday shot up again as petrol rates, yet again, remained unchanged amid a volatility in global oil prices.

According to

, the country’s largest fuel retailer, diesel prices in the national capital jumped by 25 paisa per litre to Rs 89.32 per litre on Monday, while petrol prices stayed steady for the 22nd consecutive day.

Diesel prices have risen for the second day in a row and three times in the last four days, with the retail price rising by 70 paisa per litre.

It was hiked by 20 paisa per litre on September 24 and by 25 paisa per litre on Sunday.

Before making any price changes, OMCs have preferred to keep a close eye on the global oil situation. This is why petrol prices have remained unchanged for the past three weeks.

Consumers have benefited from the OMCs’ wait-and-see strategy, as no revisions have been made at a period when oil prices have risen due to a shortage in US production and inventories, as well as a spike in demand.

This would have required a Re 1 increase in fuel and diesel prices.

Petrol prices in Mumbai are constant at Rs 107.26 per litre, but diesel prices have risen to around Rs 96.94 per litre.

Petrol prices remained unchanged across the country on Monday, but diesel prices jumped modestly.

Because to 41 increases in retail rates since April of this year, fuel prices have been hovering at record highs. It dropped on a couple instances but otherwise remained stable.

Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel on the international market has been roughly $6-7 per barrel more than what it was in August.

Oil firms are required to assess and change the rates of petrol and diesel on a daily basis under the pricing formula they have implemented. The new pricing go into effect at 6 a.m. in the morning.

The average price of benchmark petrol on the worldwide market during the previous 15 days, as well as foreign exchange rates, are used to determine the daily review and revision of prices.

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