Fuel prices increased by Rs 8.50 per liter during the peak of Kovid
You may not realize it, but your fuel bill has increased by almost 10 per cent in the last two months during the peak of the second Covid wave that has disrupted the lives of millions in the country.
Starting from the price line of Rs 90.40 per liter on May 1, the price of petrol in the national capital has now gone up to Rs 98.81 per liter as against Rs 8.41 per liter in the last 60 days. Similarly, the price of diesel in the capital also increased by Rs 8.45 per liter in the last two months to Rs 89.18 per liter in Delhi.
While oil companies on Wednesday gave a relief to consumers, keeping fuel prices unchanged, prices have come to a standstill as retail rates touched new highs across the country in 32 out of 61 days between May and June. has been modified.
Oil companies executives have consistently raised fuel prices to fuel growth in global oil markets, where both the product and crude oil prices have firmed up over the past few months as demand picks up amid the slowing pace of the pandemic. However, a closer look at the retail prices of fuel in India gives a picture that it is the high level of tax that keeps the fuel rate high even at a time when global oil prices are stable.
Globally, the price of crude oil is now around $ 75 per barrel. It was over $80 a barrel in October 2018, but petrol prices across the country were around Rs 80 a litre. So, now with low oil prices, petrol prices have touched the century and have now surpassed it by a wide margin in many parts of the country.
On Wednesday, oil marketing companies (OMCs) kept petrol, diesel retail rates unchanged, but officials said it may rise again in the coming days and the only way to bring down retail prices in this period is by both the Center and There is a tax cut. State.
Fuel prices are already touching new highs everyday. Petrol is most expensive in Rajasthan’s Sri Ganganagar, where it is now selling at Rs 109.67 per litre. Even the diesel price in the city is Rs 102.12 per litre.
While the price of petrol in Mumbai city crossed Rs 100 for the first time on May 29, the price of petrol reached a new high of Rs 104.90 per liter on Tuesday. It remained at the same level on Wednesday as well. Diesel prices in the city also rose to Rs 96.72 per liter, the highest among metros.
Fuel retail prices in India are expected to firm up in the coming days, due to rising global crude oil prices and declining inventory of the world’s largest fuel consumer – the US. Benchmark Brent crude rose to a multi-year high of over $75 on ICE or the Intercontinental Exchange.
Read also:Reliance inks agreement to invest in Abu Dhabi petrochemical hub
.