New Delhi: Petrol and diesel prices continued to burn holes in the consumers’ pockets in the country as they carried on with its northward march on Saturday. While the pump price of petrol was raised by 24 paise, and diesel price rose by 15 paise per litre today. With this, petrol is now priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital. It must be noted that petrol and diesel prices increased between 20-30 paise per litre across the country today depending on the level of local duty at the state level. Also Read - Petrol, Diesel Prices Today, February 26, 2021: Fuel Rates Unchanged For Third Straight Day. Rates in Metro Cities Here
Check Petrol and Diesel Rates in Delhi, Mumbai, Chennai & Kolkata (Source: Good Returns)
|Name of City||Petrol||Diesel|
|Delhi||₹ 91.17||₹ 81.47|
|Mumbai||₹ 97.57||₹ 88.60|
|Chennai||₹ 93.11||₹ 86.45|
|Kolkata||₹ 91.35||₹ 84.35|
What is responsible for the rise in fuel prices?
Sources in OMCs said that price rise on Saturday followed movement in product price in global markets. The crude oil is also on boil with benchmark Brent crude still above $66 a barrel now. It was less than $60 a barrel just a few days back.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi. The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country. The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.
Will the fuel prices continue their northward trend?
Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
(With agency inputs)