5th October 2021
EP

Diesel price was hiked recently by 20 paise per liter - the first increase in over two months - as international oil prices soared.

 

Price of diesel went up to Rs 88.82 per liter in Delhi and to Rs 96.41 in Mumbai.

 

Petrol price remained unchanged at Rs 101.19 a liter in Delhi and Rs 107.26 in Mumbai.

 

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) hadn't revised fuel rates since September 5 despite a surge in international oil prices.

 

Recently, the global benchmark Brent crude rose to $77.50 a barrel as crude inventories shrunk from Europe to the US.

 

Since the last price revision on September 5, the price of petrol and diesel in the international market is higher by around $6-7 per barrel as compared to average prices during August.

 

Average international crude oil prices had fallen by more than $3 per barrel in August as compared to the previous month.

 

This came against the backdrop of mixed economic data from the US and China and mobility restrictions in Asia fueled by the fast-spreading Delta variant.

 

Accordingly, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 a liter and Rs 1.25 per liter by oil marketing companies from July 18 onwards.

 

The last downward revision was on September 5.


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