Petrol, diesel prices see steep hike

DIMAPUR, JAN 26 (NPN) | Publish Date: 1/26/2021 11:51:22 AM IST

State-owned oil marketing companies (OMC) sharply increased prices of petrol and diesel by 35 paise per litre on Tuesday.

With the latest increase, petrol in Delhi is available at a record high of Rs 86.05 per litre and diesel at Rs 76.23 a litre.

After today’s rate revision, petrol price in Dimapur rose to Rs.88.45 per litre while diesel price climbed to Rs.79.13 per litre. 

In the state capital Kohima, price of petrol was hiked to Rs.89.42 per litre and diesel price increased to Rs.79.89 per litre.

Fuel prices increased sharply elsewhere in the country, but the retail hike varied from state to state due to quantum of taxes levied on petroleum products there.

According to IANS report, crude price has 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 worldwide.

Though firm global crude and product prices led to latest increase in retail prices of petrol and diesel, it is interesting to note that even though crude has been hovering just over $55 a barrel for some time now, OMCs have gone in for both a pause in price hike of auto fuels as well as increase its retail prices on consecutive days.

The last few increases in pump prices of petrol and diesel have taken the prices to record levels in all major metro cities and other towns across the country. 

The current price rise is largely on account of steep increase in central taxes on petrol and diesel and firm crude prices.

Oil companies’ executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced with global developments to prevent OMCs from making losses on the sale of auto fuels.

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