Fuel Price Hiked for the Fifth-Time in a Row

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Petrol and diesel prices were hiked in metros on Thursday, marking the fifth straight day of increase since state-owned oil companies returned to the normal practice of daily reviews following a 12-week pause. With effect from 6 am, the prices of petrol and diesel were increased by 60 paise per liter each in Delhi. While the price of petrol was revised to Rs 74 per liter in the national capital from Rs 73.40 per liter the previous day, the diesel rate was increased to Rs 72.22 per liter from Rs 71.62 per liter, according to notifications from state-run Indian Oil Corporation, the country’s largest fuel retailer. 

With the increased price, the new rate of diesel is Rs. 72.68 per liter while the rate of petrol is Rs. 79.57 per liter and Rs. 82.32 per liter for XP in Guwahati.

International oil prices fell more than 2 percent on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the Federal Reserve projecting recovery from the pandemic would take years. Brent crude futures – the global benchmark for crude oil – fell 2.2 percent to $40.81 per barrel, giving up all of the gains registered the previous day.

State-run oil marketing companies revise the prices of petrol and diesel from time to time, besides aviation turbine fuel (ATF) – or jet fuel – and liquefied petroleum gas (LPG). However, since March 16, the oil companies had kept petrol and diesel prices on hold, possibly due to the volatility in global oil markets.

Fuel retailing in the country is dominated by state refiners – Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. The three own about 90 percent of the retail fuel outlets in the country.

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