New Delhi: Petrol and diesel prices today rose simultaneously again amidst volatility in the global oil rates. Oil Marketing Companies (OMCs) have increased the petrol price by 30 paise and hiked diesel rate by 35 paise as benchmark crude was hovering above USD 80 per barrel, according to media reports.
Petrol Price, Diesel Rate
- In Delhi, petrol price is Rs 102.94 per litre and diesel rate is Rs 91.42 a litre. Petrol rate in Mumbai on Wednesday is Rs 108.96 per litre and diesel price is Rs 99.17 a litre. Petrol price in Chennai is Rs 100.49 per litre and diesel rate is Rs 95.93 a litre. In Kolkata, petrol price is Rs 103.65 per litre and Rs 94.53 a litre.
- While, diesel prices have now increased on 10 out of the last 13 days, petrol prices have also risen on seven of the previous nine days.
- OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase, IANS reported.
- After rising over three year high level of USD 80 a barrel earlier this week, global benchmark came down to USD 78 a barrel and now is again up to USD 81 a barrel while OPEC+ deciding to stick to its marginal production easing plan and market remaining tight, the IANS report says.
- 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 USD 8-9 per barrel as compared to average prices during August, according to the IANS report.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m, IANS reported.
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