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Petrol, diesel prices rise for seventh consecutive day – Times of India

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NEW DELHI: Petrol and diesel prices maintained a northward rally on Monday, the seventh consecutive day when the retail prices have risen throughout the nation, with oil on the boil in international markets and each crude and product prices seeing an enormous spike.
Accordingly, oil advertising and marketing firms raised the pump worth of diesel by a excessive stage of 29 paise per litre and petrol by one other 26 paise per litre in Delhi.
With this improve, petrol is now priced at Rs 88.99 a litre and diesel Rs 79.35 a litre within the nationwide capital.
In the final seven days, the value has gone up by Rs 2.06 per litre for petrol whereas diesel fee has risen by Rs 2.56 a litre.
Across the nation as properly the petrol worth improve ranged from 23-26 paise per litre and diesel worth 28-30 paise per litre relying on the extent of native taxes on the 2 petroleum merchandise.
In Mumbai, petrol worth is simply Rs 4 per litre quick (Rs 95.46 a litre) of touching three digit mark of Rs 100 per litre for the very first ever anyplace within the nation. Diesel worth within the metropolis is closing on Rs 90 a litre (Rs 86.34 a litre). In all different metros, petrol is over Rs 90 a litre mark whereas diesel is properly over Rs 80 a litre barring Delhi
The improve on Monday has adopted the firming international oil prices (each product and crude) which have maintained a report streak of good points previously few days with crude reaching near $ 63.5 a barrel mark (single day achieve over 2 per cent).
But consultants stated that recent lockdown in numerous elements of the globe on new coronavirus pressure might impression demand and push down prices quickly. Also, Saudi Arabia unilateral manufacturing cuts can also be withdrawn publish March placing downward stress on oil prices.
Though agency international crude and product worth is the rationale for the rise in retail worth of petrol and diesel, it’s fascinating to notice that regardless that crude has been hovering simply over $55 a barrel for a very long time earlier, OMCs had gone in for each a pause in worth of auto fuels as properly improve in its retail prices on consecutive days.
Crude prices have remained agency for the previous few weeks within the wake of unilateral manufacturing cuts introduced by Saudi Arabia and a choose up in consumption in all main economies globally.
The petrol and diesel prices have elevated 19 instances in 2021 with the 2 auto fuels growing by Rs 5.28 and Rs 5.48 per litre respectively to date this 12 months.
The previous few will increase in pump prices in petrol and diesel has taken its worth to report ranges throughout the nation in all main metro cities and different cities. The final time the retail worth of auto fuels have been nearer to present ranges was on October 4, 2018 when crude prices had shot up up $80 a barrel.
The present worth rise is basically on account of steep improve in central taxes of petrol and diesel and agency crude prices. The funds has additionally imposed a brand new agriculture infrastructure and growth cess. Oil minister Dharmendra Pradhan has dominated out any reduce in responsibility on petroleum merchandise.
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