Petrol price unchanged for 22nd consecutive day, Diesel price hiked again

Petrol price unchanged for 22nd consecutive day, whereas diesel price on Monday was hiked again by 24 to 26 paise per litre.

This is the third hike after the state-owned oil companis ended a 3-week hiatus in rates following international oil prices surging to their highest since 2018. Petrol prices, however, remained unchanged for the 22nd consecutive day. In the national capital, diesel costs Rs 89.07 per litre after a hike of 25 paise. Petrol is retailing at Rs 101.19 per litre. In Mumbai, one has to pay Rs 107.26 for a litre of petrol and Rs 96.68 for a litre of diesel after an increase of 27 paise. In Chennai, a litre of petrol is priced at Rs 98.96. On Sunday, the price of a litre of diesel was Rs 93.69 per litre. Petrol in Kolkata is retailing at Rs 101.62 per litre while diesel at Rs 92.17.

 

On Sunday, global benchmark Brent crude rose over  USD78 a barrel. Oil rates are up 2 per cent for the week and this is the fifth weekly gain. 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  USD6-7 per barrel as compared to average prices during August. The fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.

 

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