Petrol and diesel prices maintained their northward surge on Monday despite drop in crude rates in the overseas markets. In the international arena, Brent crude was down by 1.60 percent, while the West Texas Intermediate (WTI) was down at USD 59.24 per barrel, a significant downy by 2.12 percent.
However, for over 10 days the prices of petrol and diesel are increasing. The petrol price in India is at Rs 90.58 per litre in New Delhi, Rs 91.78 per litre in Kolkata. In Mumbai, it remained at Rs 97.00 per litre, while it is currently priced at Rs 92.59 per litre in Chennai.
The country’s oil marketing companies raised the pump price of diesel by year high level of 39 paise per litre and petrol by another 30 paise per litre in Delhi. With this increase, it will be the fifth consecutive this week, petrol is now priced at Rs 90.58 a litre and diesel Rs 80.97 a litre in the national capital.
Depending on the level of local taxes on the two petroleum products, the petrol prices increase ranged from 25-30 paise per litre and diesel price 30-40 paise per litre across the country.
In Mumbai, petrol prices are just Rs 3 per litre shy of touching three-digit mark of Rs 100 per litre. Diesel prices in the city is closing on Rs 90 a litre. Barring the national capital Delhi, petrol is either a over Rs 90 a litre mark or just a shade below that level while diesel is over Rs 80 a litre in all other metros.
In a populist move, the price of fossil fuels in two poll-bound states, Assam and West Bengal has seen a reduction in fuel prices. Both state governments have reduced the prices by lowering their share of taxes and government levies. In Assam the state government has reduced the price of petrol and diesel by Rs 5 per litre. West Bengal followed suit and on Sunday announced a reduction of tax by Rs 1 on petrol and diesel.
The petrol and diesel prices have increased 18 times in 2021 with the both auto fuels increasing by Rs 4.73 and Rs 4.87 per litre respectively, so far this year.
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