Petrol, diesel prices at record high after today’s increase

Petrol, diesel prices at record high after today’s increase
Google. Com

The pump prices of petrol and diesel were increased for the second successive day across the country on Wednesday (February 10). Following today’s rate revision, petrol prices were hiked by 26-30 paise a litre while the price of diesel was increased by 24-29 paise across major metro cities of the country. It is worth noting that the retail prices of petrol and diesel rose to new highs in the country as prices were raised by the most in recent times.

In Delhi, petrol rates climbed to Rs 87.60 a litre as against Rs 87.30 per litre on Tuesday while petrol prices rose to Rs 77.73 a litre as against Rs 77.48 per litre on Tuesday, as per data from Indian Oil Corporation website.

Petrol and diesel prices rose for the second consecutive day across the country on Wednesday, February 10, 2021. The price of petrol was raised by 30 paise a litre in the national capital, while that of diesel was hiked by 25 paise per litre. Prior to this, the prices of both auto fuels were raised by 35 paise per litre each across Delhi on Tuesday. With the latest price movement, the petrol price in Delhi now stands at Rs 87.60 per litre while that of diesel is at Rs 77.73. In Mumbai, petrol now costs 94.12, while diesel is retailing at Rs 84.63. At present, they are retailing at record high levels in the country

Auto fuel prices vary from state to state depending on the local sales tax or VAT.Generally, the petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates

Globally, oil prices rose again on Wednesday, extending their more than week-long rally after industry data showing a fall in US crude oil stocks added to optimism about an expected rise in global fuel demand.

Brent crude was up by 11 cents (0.2 per cent) at $61.20 by 0110 GMT after rising nearly 1 per cent on Tuesday, when it touched a 13-month high. US crude added 2 cents to $58.28, the report said.

Mukesh Kumar Surana, head of India's third-largest fuel retailer Hindustan Petroleum Corporation Ltd (HPCL), was quoted by news agency PTI as saying that the rise in domestic retail price was due to a sudden spike in crude oil prices. The crude oil prices saw a sudden surge on perception of mismatch in demand and supply as well as a cut in production by Saudi Arabia

Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. Global oil prices today rose to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets. Brent crude futures for April gained 29 cents, or 0.5%, to $60.85 a barrel.

Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.