10th May, 2021
Petrol and diesel prices in the country climbed again on Monday. On Monday, petrol went to Rs 91.53 per liter in the Delhi market and diesel reached Rs 82.06 per liter. Earlier, oil prices had not changed on Saturday and Sunday.
Stay calm for two days
But on Friday, the prices of both these fuels were recorded by 28 paise and 31 paise per liter. However, the oil marketing companies (OMCs) had stopped the price hike for the past 18 days due to the elections. After that, oil prices rose continuously for 4 days. Petrol and diesel prices were increased by 15 paise and 18 paise per liter respectively on Tuesday, 19 paise and 21 paise per liter respectively on Wednesday and 25 and 30 paise respectively on Thursday.
Rate increased after election
It was already reported that OMCs could start increasing the retail price after the elections as they were incurring losses of Rs 2 to 3 per liter despite high global crude and product prices. Oil companies had increased ATF prices by 6.7 per cent earlier this month.
67 rupees a barrel is oil
Global oil prices have risen from the level of 66 to 67 dollars per barrel in the last fortnight, when the prices of petrol and diesel were last revised. Crude prices have now risen to around $ 69 per barrel.
Burden on oil marketing companies
Earlier, the prices of petrol and diesel had increased in 2021, so far this year both fuel has increased by Rs 7.46 and Rs 7.60 per liter. With global crude oil prices of around $ 69 a barrel, OMC could see fuel prices improve again if there is any further strengthening.