Petrol, diesel prices at record high after Friday’s hike

Petrol, diesel prices at record high after Friday’s hike


Fuel prices climbed up for the second straight day on Friday amid volatility in crude oil prices with benchmark crude settling over $78 a barrel.

Petrol became dearer by 25 paise in the national capital while diesel got costlier by 30 paise. This is the sixth hike in diesel prices and third hike in petrol prices after a three-week pause observed by OMCs.

IN Delhi, diesel is selling at Rs 90.17 per litre, while petrol retails at Rs 101.89 a litre, according to

.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

The wait and watch plan of OMCs had come to the relief of consumers earlier as no revision came during a period when crude price were on the rise over shortfall in US production and inventories and a pick up in demand. This would have necessitated about Re 1 increase in price of petrol and diesel.

Across the country, prices of both petrol and diesel climbed up by around 20-30 paise but rates varied from state to state depending on the extent of local taxes.

Oil companies factor in global crude oil prices along with the exchange rate while arriving at the decision to revise prices domestically. The new pricing becomes effective from 6 a.m. every morning.

(With inputs from IANS)



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