Categories: Business

Fuel demand increases in the country, oil marketing companies increase the price of petrol and diesel for the second consecutive day


As demand for fuel picks up oil marketing cos increase prices for the second day by 60 paise

new Delhi. The oil marketing companies of the country have increased the price of petrol and diesel by 60 paise per liter for the second consecutive day on Monday in view of rising global prices of petroleum products. Earlier, on Sunday, companies had increased the prices of petrol and diesel for the first time after 80 days. After the lockdown, fuel demand has started increasing again as activities in the country started gradually.

The retail price of both petrol and diesel has increased by 60 paise per liter in the national capital on Monday. Here the new price of petrol has been increased to Rs 72.46 per liter and the price of diesel to Rs 70.59 per liter. In other cities, the increase in the price of fuel is different due to tax.

Earlier on Sunday, petrol and diesel prices had increased. In the country's capital Delhi, the price of petrol and diesel was increased by 60 paise. Due to the sharp rise in the price of crude oil in the international market, oil companies have increased the prices of petrol and diesel.

According to the IndianOil website, petrol prices in Delhi, Kolkata, Mumbai and Chennai were Rs 71.86, Rs 73.89, Rs 78.91 and Rs 76.07 per liter respectively on Sunday. At the same time, the price of diesel was Rs 69.99, Rs 66.17, Rs 68.79 and Rs 68.74 per liter in the four metros respectively.

In the last session on Friday, the futures contract of August delivery Brent crude on the International Futures Market Intercontinental Exchange ie ICE closed at $ 41.97 per barrel, up 4.95 percent from the previous session. At the same time, American Light Crude West Texas Intermediate (WTI) July delivery contract on the New York Merke Tile Exchange, or Nymax, closed 4.38 per cent higher at $ 38.95 a barrel from the previous session.

Anuj Gupta, deputy vice president (energy and currency research), Angel Broking, said that crude oil prices could rise further this business week as economic activity in the world's major economies is back on track to boost oil demand. There is a possibility that prices will get support. He said that the release of data on the reduction of unemployment in the US last week will also support the price of crude oil and the price of US crude WTI can go up to $ 42-44 per barrel.

This post was published on June 8, 2020 11:03 am

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