After a stagnant 10-day run petrol and diesel prices have hardly varied in India. Thanks to the elections in five states, Oil Marketing Companies (OMC) are going easy with retail fuel prices on a gentle nudge from the Central government, even after Brent crude topped $70 per barrel. This is the first time since the Covid-19 pandemic began that the Brent crude price retailed at $70/barrel mark in the international markets.
Currently, the price of petrol in New Delhi stands at Rs 91.17 per litre, Rs 91.35 in Kolkata, Rs 93.11 in Chennai, while it remains the highest in Mumbai at Rs 97.57.
Similarly, the price of diesel too remained unchanged. Currently the diesel rates in the national capital stood at Rs 81.47 per litre, Rs 84.35 in Kolkata, Rs 86.45 in Chennai and Rs 88.60 in Mumbai.
According to an Indian Express report, while the OMC’s kept the prices of both the fuels unchanged for 10 days, they had hiked the prices of petrol and diesel by about Rs 10 per litre and Rs 11 per litre respectively since the beginning of November last year. This comes as a result of crude oil prices rising from about $40 per barrel to about $66 per barrel at the end of February 2020. However, OMC’s will have to resume price hikes if crude oil prices stay elevated.
The report also states that consumers around the world are facing the impact of crude oil prices and are recovering to pre-Covid levels. Whereas Indian consumers are still bearing the brunt of elevated taxes leading to record high prices.
In several other parts of India, including some cities in Madhya Pradesh and Rajasthan, the price of key fuel has crossed the psychological Rs 100 per litre mark. In Rajasthan’s Sri Ganganagar retail petrol is priced at Rs 101.84, whereas diesel is available at Rs 93.77 per litre. Likewise, in Madhya Pradesh’s Anuppur, petrol costs at Rs 101.59 per litre and diesel at Rs 91.97.
Keywords: India, Fuel, Petrol Prices, Diesel Prices, Petrol Price Today, Diesel Price Today, Brent Crude, New Delhi, Mumbai, Chennai, Kolkata