Fuel Prices Continue to Rise Unabated

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The fuel prices hiked again on Monday completing one full week of increases that has taken in retail rate to record high levels across the country. In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states including Assam, pinching the common man’s pocket.

In Delhi, petrol is now retailing at Rs 104.44 per litre and diesel is available at Rs 93.17 per litre after the latest price revision. On the other hand, in India’s financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 110.41 the highest across all the four metro cities. Diesel costs Rs 101.03 for one litre in Mumbai, a hike of 37 paise. There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring at an all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a hike after that, as per a report of IANS.

Diesel prices have now increased on 15 out of the last 18 days taking up its retail price by Rs 4.55 per litre in Delhi. The price of diesel has increased between 20-30 paisa per litre so far but since Wednesday it has been increasing by 35 paisa per litre. With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country, the report said. According to the report of IANS, petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 12 of the previous 14 days taking up its pump price by Rs 3.25 per litre. OMCs had preferred to maintain their watch prices on global oil situation before making any revision in fuel prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

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