According to the price notification of the state-owned fuel retailers, the price of petrol has been increased from Rs 101.19 to Rs 101.39 per liter in Delhi and Rs 107.47 per liter in Mumbai.
On September 28, the price of petrol was increased by 20 paise a liter and diesel by 25 paise as international oil prices touched $80 a barrel for the first time in three years.
According to the price notification of the state-owned fuel retailers, the price of petrol was increased from ₹ 101.19 to ₹ 101.39 per liter in Delhi and ₹ 107.47 per liter in Mumbai.
Diesel prices have gone up to Rs 89.57 in Delhi and Rs 97.21 per liter in Mumbai.
Prices vary from state to state depending on the incidence of local taxes.
This is the first hike in petrol prices and the fourth increase in diesel prices in more than two months. The rise came after international oil prices rose for the fifth day in a row and the global benchmark Brent rose to $80 a barrel.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) made the first hike in petrol prices on September 28 since resuming daily price revision on September 24 Was. Rates effective from September 5
Diesel prices have increased by 95 paise per liter after four price hikes since September 24. This negates three-fourths of the ₹1.25 per liter cut in prices that took place between July 18 and September 5.
Earlier, the price of diesel was last hiked on July 15. The last hike in petrol price was on July 17.
International crude oil prices have hit a nearly three-year high as global production disruptions have forced energy companies to extract more crude from their reserves.
Accordingly, the stock level of US crude oil is also close to a three-year low.
A source said, “Global demand for crude continues to rise with the easing of pandemic restrictions and improvement in vaccination rates. On the supply side, the OPEC+ alliance has been slow in easing production restrictions, leading to a supply crunch in the market. has come.”
Additionally, Hurricanes Ida and Nicolas affected crude oil production in the US Gulf of Mexico region when they struck in late August and September, respectively.
According to both the IEA and OPEC, global demand is expected to outpace supply, with international oil prices likely to remain stable in the near to medium term. A simultaneous rally in natural gas is also expected to drive demand for alternative fuels.
When international oil rates fell in July and August, retail prices of petrol and diesel were reduced by ₹0.65 and ₹1.25 per liter in the Delhi market.
Earlier, the price of petrol was increased by Rs 11.44 per liter between May 4 and July 17. The rate of diesel was increased by Rs 9.14 during this period.
Price hikes during this period pushed petrol prices above Rs 100 a liter in more than half of the country, while diesel crossed that level in at least three states.
India is dependent on imports to meet about 85% of its oil needs and therefore benchmarks local fuel rates to international oil prices.
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