Fuel prices rise once more, petrol to touch Rs 100/ltr in Mumbai soon
Retail value of standard petrol and diesel in Mumbai could soon cross Rs 100 a litre and Rs 90 a litre respectively, its highest degree ever, with prices of the 2 auto fuels being revised upwards once more by Oil advertising firms (OMCs) on Tuesday. Petrol prices in Mumbai rose by 26 paisa to Rs 98.12 a litre on Tuesday. Similarly, diesel prices in the town additionally rose 31 paisa per litre to Rs 89.48, the best in all 4 main metro cities in the nation.
Premium petrol prices have additionally already crossed the Rs 100 per litre mark in the town and different elements of the nation by way of enhance in the retail charges in the month of January and February. In truth, even common petrol prices are already over Rs 100 per litre in elements of Madhya Pradesh, Rajasthan and Maharashtra. The Tuesday’s value rise by OMCs is second consecutive such revision this week. Even final week, gas prices elevated on 4 consecutive days earlier than a pause throughout the weekend.
The gas value rise has made auto fuels touch new highs on daily basis. Before this 12 months, Petrol and diesel prices reached the best degree in October 2018 when crude prices had been over $80 a barrel. The all time excessive ranges of petrol and diesel reached this 12 months regardless that crude remains to be round $68 a barrel. The Tuesday’s value rise has made petrol and diesel prices dearer throughout the nation however its quantum assorted relying on the extent of native levies in respective states.
Prior to holding again auto gas prices on Saturday and Sunday, its pump charges had elevated sharply on earlier 4 days. Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after a 18 days break.
IANS had written earlier that OMCs could start growing the retail value of petrol and diesel submit state elections as they had been incurring losses to the tune of Rs 2-3 per litre by holding the value line regardless of greater international crude and product prices. The oil firms had already elevated the ATF prices by 6.7 per cent efficient this month.
OMCs benchmark retail gas prices to a 15-day rolling common of world refined merchandise’ prices and greenback change price. In the final fortnight international oil prices have hovered in $66-67 a barrel vary greater than the degrees when petrol and diesel prices had been final revised. Crude prices have jumped round $68 a barrel now.
The value of the 2 auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs saved its prices static. Thereafter revision of gas prices have been halted.
The OMCs went on value lower for the primary time this 12 months on two consecutive days – March 24 and 25 after conserving oil prices regular for previous 24 days. It once more decreased the value on March 30. Thereafter, gas prices have remained unchanged for 15 days earlier than falling once more on April 15. In all petrol prices have fallen by 77 paisa per litre whereas diesel by 74 paisa per litre in 2021 thus far.
Earlier, petrol and diesel prices elevated 26 instances in 2021 with the 2 auto fuels growing by Rs 7.46 and Rs 7.60 per litre respectively thus far this 12 months. With international crude prices at round $68 a barrel mark, OMCs could have to revise gas prices upwards once more if there may be any additional firming up.