Sharp jump in fuel prices for 8th day

DIMAPUR, FEB 16 (NPN) | Publish Date: 2/16/2021 2:01:44 PM IST

Petrol and diesel prices touched fresh all-time highs across the country on Tuesday after state-owned oil marketing companies (OMCs) increased the rates by around 30 paise for the eighth straight day.

With this increase, petrol is now priced at Rs 89.29 a litre and diesel Rs 79.70 a litre in the national capital.

After today’s rate revision, petrol price in Dimapur rose to Rs.91.71 per litre and diesel price soared to Rs.82.63 per litre. In the state capital Kohima, prices of petrol and diesel climbed to Rs.92.63 per litre and Rs.83.36 per litre respectively. In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while diesel rate has risen by Rs 2.91 a litre.

According to IANS report, the increase on Tuesday has followed the firming global oil prices (both product and crude) that have maintained a record streak of gains in past few days with crude reaching over $ 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 Also, Saudi Arabia unilateral production cuts may also be withdrawn post March putting downward pressure on oil prices.

The petrol and diesel prices have increased 20 times in 2021 with the two auto fuels increasing by Rs 5.58 and Rs 5.83 per litre respectively so far this year.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.

Across the country as well the petrol prices increase ranged from 26-32 paise per litre and diesel price 30-35 paise per litre depending on the level of local taxes on the two petroleum products.

In Mumbai, petrol price is just Rs 4 per litre short (Rs 95.75 a litre) touching the three digit mark of Rs 100 per litre for the very first ever anywhere in the country. Diesel prices in the city are closing on Rs 90 a litre (Rs 86.72 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre barring Delhi.

Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan and Madhya Pradesh and very close to the levels in Maharashtra.

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