new Delhi. Petrol and diesel prices rose for the third consecutive day on Tuesday. Earlier, the price of petrol and diesel in the capital Delhi has increased by Rs 1.20 per liter in the last two days. In the national capital Delhi on Tuesday, the price of petrol has increased by 54 paise per liter and diesel by 58 paise per liter by the oil marketing companies.
In the last three days, the price of petrol has increased by Rs 1.74 per liter in Delhi and by Rs 1.78 per liter in diesel. 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. The new price of petrol in Delhi on Tuesday is Rs 73.00 per liter and the new price of diesel has been increased to Rs 71.17 per liter.
Oil marketing companies have started daily changes in the prices of petrol and diesel since Sunday after a break of 80 days. According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai was increased to Rs 72.46, Rs 74.35, Rs 79.49 and Rs 76.60 per liter respectively on Monday. At the same time, the price of diesel was increased to Rs 70.59, Rs 66.61, Rs 69.37 and Rs 69.25 per liter respectively in the four metros.
On March 14, the government had increased the excise duty on petrol and diesel by Rs 3 per liter to absorb the benefit of falling crude oil prices in the international market, followed by oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had stopped daily review of prices.
After this, on May 6, the government once again increased the excise duty on petrol by Rs 10 per liter and on diesel by Rs 13 per liter. After this increase, the total excise duty on petrol increased to Rs 32.98 per liter and on diesel to Rs 31.83 per liter. The oil companies, however, did not pass on the increase in excise duty to the customers, but were accommodated with the fall in crude oil prices in the international market.
The price of crude oil reached the lowest level of a decade in April due to the Corona virus epidemic. India imports 85 percent of its oil requirement. Officials said the daily review of oil prices was halted due to excessive fluctuations in the international market. Now that the market has started showing some degree of stability, daily price review has been started.
Anuj Gupta, deputy vice president (energy and currency research), Angel Broking, said that the price of crude oil could increase further in the coming business week, as economic activity in the major economies of the world will be back on track. Is expected to support prices. 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 to $ 44 per barrel.
This post was published on June 9, 2020 11:19 am
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