Fuel prices February 16: Petrol nears Rs 90 in Delhi, crosses Rs 100 in this city

Petrol Price February 16 Update: Petrol and diesel prices went up for the eighth consecutive day on Wednesday. Petrol in Delhi has now crossed Rs 89 per litre, which is the most expensive so far. Diesel is also very close to Rs 80 per litre, and if prices continue to rise on Thursday, it will cross Rs 80. The most expensive rate of diesel in Delhi was the last week of July in 2020 when the price was Rs 81.94 per litre and petrol rate was Rs 80.43 per litre. 

For the first time ever, the prices of premium petrol in Madhya Pradesh's Bhopal crossed Rs 100 per litre. The price of normal petrol in the city is Rs 97.07 per litre.

Retail fuel prices have risen across the country, with oil on the boil in global markets and both crude and product prices seeing a big spike. Accordingly, oil marketing companies raised the pump price of diesel by a high level of 35 paise per litre and petrol by another 30 paise per litre in Delhi.

Across the country as well the petrol prices increase ranged from 26-32 paise per litre and diesel price 30-35 paise per litre depending on the level of local taxes on the two petroleum products. The highest price of petrol in metro cities is in Mumbai, where the rate is Rs 95.75 per litre. On the other hand, diesel in Mumbai is Rs 86.72 per litre.

In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while the diesel rate has risen by Rs 2.91 a litre.

In Mumbai, petrol price is just Rs 4 per litre short (Rs 95.75 a litre) touching the three-digit mark of Rs 100 per litre for the very first ever anywhere in the country. Diesel prices in the city are closing on Rs 90 a litre (Rs 86.72 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre barring Delhi.

Why the prices of petrol diesel are increasing?

The increase has followed the firming global oil prices (both product and crude) that have maintained a record streak of gains in past few days with crude reaching over $ 63.5 a barrel mark (single day gain over 2 per cent). After the coronavirus pandemic, the economic conditions of the world are also showing improvement, due to which demand for fuel has increased.

Petrol prices in 4 metro cities

• Delhi: Rs 89.29
• Mumbai: Rs 95.75
• Kolkata: Rs 90.54
• Chennai: Rs 91.45

After petrol, diesel prices have also reached the new sky of new inflation. Diesel in Mumbai is Rs 86.72 per litre, which is the most expensive rate so far. Diesel is also priced at Rs 79.70 per litre in Delhi, Rs 83.29 per litre in Kolkata and petrol in Chennai at Rs 84.77 per litre.

Diesel price in 4 metro cities

• Delhi: Rs 79.70
• Mumbai: Rs 86.72
• Kolkata: Rs 83.29
• Chennai: Rs 84.77

The petrol and diesel prices have increased 20 times in 2021 with the two auto fuels increasing by Rs 5.58 and Rs 5.83 per litre respectively so far this year.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018, when crude prices had shot up to $ 80 a barrel.