Oil marketing companies increased petrol prices by 25 paise per litre
Price of diesel was also increased by 25 paise per litre
Petrol prices in the national capital registered a record high on Monday, with oil marketing companies (OMCs) again increasing it by 25 paise per litre. The price of diesel was also increased by 25 paise per litre on Monday. Petrol was selling at ₹84.95 per litre in the national capital, while diesel was retailing at ₹75.13 per litre. This is the highest price for petrol in NCR. Diesel was also retailing at a record high in Mumbai.
After holding the retail price of petrol steady for 29 days, OMCs in India started increasing prices in January. This has come against the backdrop of a rally in global crude oil prices with coronavirus vaccination drives beginning worldwide. However, prices have slightly moderated, with Brent trading at $54.83 per barrel and West Texas Intermediate trading at $52.24 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 $55.14 a barrel on 15 January, as per the latest date. There are also increasing calls for the government to lower taxes on transportation fuels, as central and state taxes and the commission of dealers are added to the refinery gate price of auto fuel to arrive at the retail price.
Analysts said India’s oil demand remains robust. “The second wave of the pandemic is primarily resulting in lockdown restrictions in the West with the appetite of key consuming countries, such as China and India, remaining healthy and strong," said IHS Markit in a recent report.
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