Petrol and diesel prices maintained their northward surge on Tuesday despite seeing a downward trend in global markets as oil production in America is slowly returning to normal after the recent freeze. In the international arena, Brent crude was down by 1.60 per cent at USD 62.91. While the West Texas Intermediate (WTI) too was at USD 59.24 per barrel, down by 2.12%.
The prices of petrol and diesel have increased dramatically over the period of 10 days. The petrol price in India was Rs 90.93 per litre in New Delhi, while it remained stagnant at Rs 91.12 per litre in Kolkata. In Mumbai it remained at Rs 97.34 per litre in Mumbai, while it is currently priced at Rs 92.90 per litre in Chennai.
The country’s oil marketing companies raised the pump price of diesel by year high of 39 paise per litre and petrol by another 30 paise per litre in Delhi. With this increase, it will be the fifth consecutive this week, petrol is now priced at Rs 90.93 a litre and diesel Rs 81.32 a litre in the national capital.
According to a Times of India report, the fossil fuel prices in India are the highest in the South Asian region, the report quoted data figures compiled by GlobalPetrolPrices.com. However, the startling piece about the report is that soaring fuel prices has resulted in illegal trade as some of the exported consignments are being smuggled back into the country.
In Mumbai, petrol prices are just Rs 3 per litre short of breaching three-digit mark of Rs 100 per litre. Petrol and diesel prices were hiked by 25 and 35 paise respectively in New Delhi. Petrol now costs Rs 90.83 per litre, while diesel retails at Rs 81.32 per litre in the national capital. The continuous hike in both the fuel prices has seen petrol retail over Rs 90 a litre mark pan India, while Diesel is just a shade below at over Rs 80 per litre. In some places in the country it too will breach the Rs 90 mark.
However, some respite is being provided by few state governments as Nagaland reduced tax on petrol and other motor spirts from 29.80 percent to 25 percent per litre, which implies a reduction of Rs 2.22 per litre. It also slashed diesel tax rates from Rs 11.08 to 10.51 per litre. Other states such as West Bengal, Rajasthan, Assam and Meghalaya have recently reduced taxes on petrol, diesel in their respective states.
The petrol and diesel prices have increased 18 times in 2021 with the both auto fuels increasing by Rs 4.73 and Rs 4.87 per litre respectively, so far this year.