Petrol, diesel prices hiked for 4th consecutive day

The three State-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd. (BPCL) and Hindustan Petroleum Corp Ltd. (HPCL) had not revised petrol and diesel prices since June 26. File   | Photo Credit: M. Periasamy

Motorists will have bigger hole in their pockets as the price of sensitive petroleum products like petrol and diesel were raised for the fourth consecutive day on Sunday in wake of increasing crude oil prices and weakening Indian Rupees (INR) against U.S. dollars.

The oil marketing companies (OMC) increased petrol price to ₹76.13 per litre from ₹ 75.98 in Delhi, ₹ 83.52 per litre from ₹ 83.37 in Mumbai, ₹ 78.80 per litre from ₹ 78.66 in Kolkata, and ₹ 79.01 per litre from ₹ 78.85 in Chennai, according to Indian Oil Corporation Ltd.

Similarly, the price of diesel was increased to ₹67. 86 per litre from ₹ 67.76 in Delhi, ₹ 72 per litre from ₹ 71.90 in Mumbai, ₹ 70.41 per litre from ₹ 70.31 in Kolkata and ₹ 71.63 per litre from ₹ 71.52 in Chennai.

The Indian basket of crude oil averaged ₹ 73.85 in June according to Petroleum Planning and Analysis Cell data and the INR fell to ₹ 68.87 against the U.S. dollars, according to Reserve Bank of India data.

On Thursday, State-owned OMCs increased petrol and diesel prices for the first time after a gap of more than one month. IOC, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp Ltd had not revised petrol and diesel prices since June 26 before this hike.

The OMCs were expecting the oil prices to fall after the Opec last month decided to raise production by 1 million barrels per day (mbpd) with effect from July, but U.S. sanctions on Iran has overdone the increase in Opec production, resulting in rise in crude oil prices.

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Printable version | Apr 17, 2021 5:26:52 PM |

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