The retail price of petrol touched a new high in Delhi on Wednesday with oil marketing companies (OMCs) raising the prices by 25 paise a litre to Rs 86.30. Similarly, prices of diesel also increased by 25 paise to Rs 76.48 a litre.
In Mumbai, diesel prices were at a high of Rs 83.30 a litre, while petrol was seen at Rs 92.86 a litre, up 27 paise and 24 paise, respectively. Diesel prices had touched an all-time high of Rs 81.94 a litre in Delhi on July 20 last year.
So far, in the month of January, petrol prices were hiked Rs 2.59 a litre and diesel by Rs 2.61 a litre in Delhi, Moneycontrol reported. In Mumbai, petrol prices jumped Rs 2.52 a litre and diesel by Rs 2.79 a litre since January 1.
The ministry of petroleum and natural gas had requested the finance ministry to cut taxes after prices started rising in the month of January. During the current financial year, taxes on petrol and diesel were raised by Rs 13 and Rs 16, respectively, in the form of special additional excise duty and road and infrastructure cess.
With Saudi Arabia, the world’s largest oil producer reducing production, and fears of tightening physical supply despite ongoing vaccination drive worldwide, the global crude oil prices have risen.
All eyes are now on the next meeting of the Organization of the Petroleum Exporting Countries (Opec)-plus scheduled for February 3. The Opec-plus’s decision will be significant, as it contributes to about 83% of India’s oil imports, the Mint reported.