Petrol and Diesel price continues to skyrocket, consumers distressed

New Delhi: Fuel prices increased again on Tuesday for the seventh consecutive day as global oil prices failed to relent and continued to remain firm.

However, unlike in the past, oil marketing companies (OMC) only raised the pump price of petrol on Tuesday while keeping diesel rates unchanged.

Accordingly, the pump price of petrol in Delhi increased by 35 paisa per litre to jump to Rs 110.04 a litre, while diesel prices remained at Monday’s level of Rs 98.42 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital of Mumbai, petrol prices have now increased to Rs 115.84 per litre while diesel remains at Rs 106.63 a litre, the highest among all metros.

Across the country as well, petrol prices increased between 35-40 paisa per litre but their retail rates varied depending on the level of local taxes on petroleum products.

The fuel prices have now increased for seventh consecutive days by 35 paisa per litre. Before this after holding for couple of days, fuel prices again had risen on previous five days by about 35 paisa per litre.

Diesel prices have increased on 30 out of the last 39 days taking up its retail price by Rs 9.90 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. It is very close to breaching the mark even in Delhi where it had rapidly climbed to Rs 98.42 a litre on Monday.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 28 of the previous 35 days taking up its pump price by Rs 8.85 per litre.

Crude price has been on a surge rising over three year high level of over $ 85 a barrel now as global demand remains firm while OPEC+ continues to move s lowly on increasing production. It has fallen a bit to around $84 a barrel after China released some oil from its reserve to address supply concerns.

Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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