Economy

Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai

Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai”

Petrol and diesel prices were hiked up to 25 paise across the major cities in the country on Wednesday (January 13) after a hiatus of around a week.

In Kochi, petrol price per litre is Rs 84.35 and for diesel, it is Rs 78.45. After this, petrol reached a new record level of Rs 84.45 in Delhi today.

State-owned fuel retailers - Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited - had on January 6 resumed daily price revision after almost a month-long break.

US West Texas Intermediate (WTI) was up 1.3 per cent at $53.88 a barrel.

In Kolkata, petrol costs Rs 85.92 a litre, in Chennai, Rs 87.18 a litre, and in Mumbai at Rs 91.07 a litre on Wednesday after the increase.

This hike, which comes after a five-day hiatus, has raised petrol price in New Delhi to the highest ever while diesel is at a record high in Mumbai.

More news: President-elect Biden gets his second dose of COVID vaccine

Petrol and diesel prices were increased by 25 paise per litre each. On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre.

The oil companies increased the prices of both fuels on 06 and 07 January after prices remained stable for 29 days. The petrol is available in Kolkata, Mumbai and Chennai at Rs. 76.77, Rs. 81.92 and Rs. 76.84, respectively, on Thursday. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on the sale of auto fuels.

On Wednesday, fuel prices in India were raised to new highs as worldwide oil prices continued to surge for the seventh straight day.

Excise duty totals Rs 32.98 per litre in petrol and Rs 31.83 in diesel.

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