Amid the highest crude price during the fiscal, petrol prices which started their upward move since last Friday spiralled up sharply today.
On Covid-19 vaccine optimism and Organization of the Petroleum Exporting Countries’ (OPEC) resolution to keep the supply in check it is anticipated that demand recovery will be seen faster for the commodity.
In Delhi, petrol and diesel prices are quoting higher by 19 paise at Rs. 81.89 while in Mumbai quotes at Rs. 88, because of taxation structure there. Diesel prices too have gained quite sharply. Notably, this is as the Brent crude has now moved past USD 48 levels. Oil marketing companies took a decision to raise prices or bring in the earlier daily price revision norm for auto fuel to prevent them from incurring losses, while they in an earlier stance kept prices constant when they needed to bring them down in line with international prices.
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Fuel prices rise for the third-day straight day
Fuel prices rise for the third-day straight day