On Monday, the price of petrol was increased by 30-33 paise, whereas diesel was 25-31 paise costlier.
After Monday’s sharp rise, the prices of petrol and diesel remained unchanged on Tuesday. On Monday, the price of petrol was increased by 30-33 paise, whereas diesel was 25-31 paise costlier.
Global crude prices have firmed up recently over the news of the successful coronavirus vaccine. It has risen almost $10 a barrel in the last one month to reach closer to $50 a barrel now.
However, even at that level, it is far less than the average crude price of $80.08 a barrel in October 2018 when petrol prices reached highs of Rs 84 a litre in the national capital.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the OMCs lost their patience and finally resorted to a price increase to cover for their under-recovery on the sale of two petroleum products.
The benchmark Brent crude has crossed $49 a barrel on Intercontinental Exchange (ICE) lately. It has remained over $44 a barrel for the most part of November.
Check petrol and diesel prices in your city:
Delhi: Petrol- Rs 83.71; Diesel- Rs 73.87 per litre
Mumbai: Petrol- Rs 90.34; Diesel- Rs 80.51 per litre
Kolkata: Petrol- Rs 85.19; Diesel- Rs 77.44 per litre
Chennai: Petrol- Rs 86.51; Diesel- Rs 79.21 per litre
Noida: Petrol- Rs 83.67; Diesel- Rs 74.29 per litre
Lucknow: Petrol- Rs 83.59; Diesel- Rs 74.21 per litre
Patna: Petrol- Rs 86.25; Diesel- Rs 79.04 per litre
Chandigarh: Petrol- Rs 80.59; Diesel- Rs 73.61 per litre
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