Prices of petrol and diesel have been on the rise since last month after oil marketing companies (OMCs) resumed their price revisions ending an 18-day respite. The pause had coincided with the assembly elections in key states like West Bengal, Tamil Nadu, Kerala, across the country. Last month, fuel prices were hiked 16 times and this month it has been hiked four times so far. During this period, petrol price has increased by Rs 4.91 per litre and diesel has climbed by Rs 5.49 in New Delhi.
On Wednesday, the petrol price in Delhi stands at Rs 95.56 per litre, a slight increase from Tuesday when it stood at Rs 95.31. While the price of diesel in the national capital is Rs 86.47 per litre as compared to Rs 86.22 on the previous day.
In Mumbai, the petrol and diesel prices for today are Rs 101.76 and Rs 93.85 per litre respectively. There is a slight increase in the price as compared to yesterday when petrol was Rs 101.52 per litre and diesel was Rs 93.58 for one litre.
Capital city of West Bengal, Kolkata is selling the petrol and diesel for Rs95.52 and Rs 89.32 for one litre. Yesterday the price for one litre petrol was Rs95.34, while one litre of diesel was sold at Rs89.07.
In Chennai, the retail price of petrol for today is Rs96.94 per litre while for diesel it is Rs 91.15 per litre. On Tuesday the price for Petrol was Rs ₹ 96.71per litre and price for diesel was Rs ₹ 90.92.
The prices of both fuels are reviewed by state-run OMCs like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL). It is revised daily and all the revisions are followed from 6am. Fuel prices also differ from state to state across the country due to the value-added tax or VAT and other taxes.
Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the US secretary of state said sanctions against Tehran were unlikely to be lifted. Brent crude futures were up 15 cents, or 0.2%, at $72.37 a barrel at 0131 GMT and earlier rose to $72.58, the highest since May 20, 2019. Brent rose 1% on Tuesday, according to Reuters.
US West Texas Intermediate (WTI) crude futures jumped 20 cents, or 0.3%, to $70.25 a barrel after rising to as high as $70.42, the most since Oct. 17, 2018. Prices climbed 1.2% on Tuesday.