Fuel prices rise for 7th day

DIMAPUR, FEB 15 (NPN) | Publish Date: 2/15/2021 1:14:05 PM IST

State-owned oil marketing companies (OMCs) increased prices of petrol and diesel by around 30 paise for the seventh consecutive day on Monday.

With this increase, petrol is now priced at Rs 88.99 a litre and diesel Rs 79.35 a litre in the national capital.

After Monday’s rate revision, petrol price in Dimapur rose to Rs. 91.40 per litre and diesel price climbed to Rs.82.28 per litre. Likewise, in the state capital, petrol price increased to Rs.92.33 per litre and diesel soared to Rs.83.01 per litre.

In the last seven days, the price has gone up by Rs 2.06 per litre for petrol while diesel rate has risen by Rs 2.56 a litre.

Across the country as well the petrol price increase ranged from 23-26 paise per litre and diesel price 28-30 paise per litre depending on the level of local taxes on the two petroleum products.According to IANS report, the increase on Monday has followed the firming global oil prices (both product and crude) that have maintained a record streak of gains in the past few days with crude reaching close to $ 63.5 a barrel mark (single day gain over 2 per cent).

But experts said that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices soon. Also, Saudi Arabia unilateral production cuts may also be withdrawn post March putting downward pressure on oil prices.

Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally. The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices. The Budget has also imposed a new agriculture infrastructure and development cess. Oil minister Dharmendra Pradhan has ruled out any cut in duty on petro products.

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