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
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.
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