Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Energy/  OMCs hike petrol, diesel prices again
BackBack

OMCs hike petrol, diesel prices again

Petrol and diesel prices were increased by 28 paise per litre and 26 paise per litre, respectively, and were selling at record highs of ₹97.50 per litre and ₹88.23 per litre in Delhi

This is the 28th time that auto fuel prices have been raised since 2 May, when results for assembly election were announced. Photo: ReutersPremium
This is the 28th time that auto fuel prices have been raised since 2 May, when results for assembly election were announced. Photo: Reuters

New Delhi: Transportation fuel prices continued their upward trajectory, with state-run oil marketing companies (OMCs) increasing petrol and diesel prices again on Tuesday.

Petrol and diesel prices were increased by 28 paise per litre and 26 paise per litre, respectively, and were selling at record highs of 97.50 per litre and 88.23 per litre at Indian Oil Corporation Ltd’s outlets in the national capital. Diesel and petrol prices have already breached the 100 mark in several parts of India.

This is the 28th time that auto fuel prices have been raised since 2 May, when results for assembly elections in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry were announced. Petrol and diesel prices have increased by 7.10 per litre and 7.50 per litre, respectively since then.

This comes in the backdrop of a rally in global crude oil prices. Brent was trading at $74.98 per barrel and West Texas Intermediate at $73.56 a barrel at the time of writing this article. The cost of the Indian basket of crude, which comprises Oman, Dubai, and Brent crude, was $72.40 a barrel on 21 June.

India, the world’s third-largest oil importer is particularly vulnerable as any increase in global prices can affect its import bill, stoke inflation and widen trade deficit. Following the covid outbreak, crude prices for Indian basket of crude had plunged to $19.90 in April last year during the first wave before recovering to $66.95 a barrel in May, data from the Petroleum Planning and Analysis Cell showed.

India spent $101.4 billion on crude oil imports in 2019-20 and $111.9 billion in 2018-19. It is a key refining hub in Asia, with an installed capacity of over 249.36 million tonnes per annum (mtpa) through 23 refineries.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Jun 2021, 11:53 AM IST
Next Story footLogo
Recommended For You
Energy Stocks
₹1,824.250.53%
₹166.250.9%
₹516.82.34%
₹88.561.21%
₹330.651.6%
Switch to the Mint app for fast and personalized news - Get App