Retail prices of petrol and diesel have been hiked by the oil marketing companies today for the first time in two months. The price of petrol has increased by 17 paise per litre in Delhi. It will now cost ₹81.23 against ₹81.06 a litre price. Retail price of diesel has been increased by 22 paise per litre to ₹70.68 a litre
The oil manufacturing companies had decided to hold prices of petrol and diesel since end of September this year despite increasing price in the global market. While petrol price hasn’t changed since September 22, diesel rates have been static from October 2.
The increase in petrol and diesel prices was expected as global oil market had shown signs of firming up after positive news on successful introduction of a coronavirus vaccine soon. Moreover, the demand for oil and falling inventory levels in major consuming markets has also firmed up crude price.
Oil prices were little changed on Friday, on track for a third consecutive weekly rise. The benchmark Brent crude price is hovering over $44 a barrel for some time now while the US WTI crude is also close to $42 a barrel. The two have remained firm since the beginning of the month after remaining soft in most parts of October at close to $40 a barrel or less.
The basket of crude oil that India buys has averaged around USD 40 per barrel in October as against USD 41.35 in the previous month.