Petrol and diesel prices have been hiked for the third straight day on Wednesday across the country. Petrol has gone up by 22-25 paise, while diesel price has increased by 25-27 paise.
Petrol and diesel are at all-time high in all the metro cities. In the national capital, a litre of petrol is being sold at Rs 92.05. After the recent hike, petrol costs Rs 98.36 in Mumbai. A litre of petrol is available at Rs 92.16 in Kolkata, Rs 93.84 in Chennai and Rs 90.04 in Noida.
Diesel price has also seen a sharp jump in the last few days. A litre of diesel is priced at Rs 82.61 in Delhi. Diesel is all set to touch Rs 90-mark in the financial capital. A litre of the auto fuel costs Rs 89.75 in Mumbai. A litre of diesel is being retailed at Rs 85.45 in Kolkata, Rs 87.49 in Chennai and Rs 83.07 in Noida on Wednesday.
Fuel rates differ from state to state depending on the incidence of value-added tax (VAT). The price of petrol and diesel are on steep rise in last one week as state-run oil-marketing companies (OMCs) have revived their market margins.
In the international market, oil prices rose on Wednesday, as lingering fears of gasoline shortages due to an outage at the largest US fuel pipeline system.
Brent crude futures rose 23 cents, or 0.3%, to settle at $68.55 a barrel while US West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6%, to end the session at $65.28, news agency Reuters reported.
India’s top state oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, according to a report by Reuters. Indian Oil Corp has reduced runs to an average of between 85% and 88% of processing capacity, a company official said. The refineries were operating at about 95% of their capacity in late April. Bharat Petroleum Corp has cut its crude imports by 1 million barrels in May.
M.K. Surana, chairman of Hindustan Petroleum Corp said India’s fuel consumption in May to fall by 5% from April. “This time it is not a full lockdown like last time. Sales in April was about 90% of March and we expect May could be about 5% lower than April," he told Reuters.