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Petrol, diesel prices up for 3rd day in row; fuel rates see steepest rise since budget

FE Online
Petrol price, diesel price, nirmala sitharaman, latest petrol price, petrol price in delhi, Saudi Arabia, Dharmendra Pradhan

The oil marketing companies (OMCs) on Thursday hiked the prices of petrol and diesel for the third time in a row even as the markets were soothed by Saudi Arabia's pledge to restore full production by end of September at facilities affected in drone attacks last weekend. The fuel prices saw the steepest hike since July 5 when Finance Minister Nirmala Sitharaman raised rates by nearly Rs 2.50 a litre owing to an increase in excise duty. In Delhi and Mumbai, the petrol prices were raised by 29 paise per litre, while rates of diesel surged by 19 paise as against the previous day’s prices, IOCL data showed.

In Delhi, petrol and diesel prices stood at Rs. 72.71 per litre and Rs. 66.01 per litre respectively, as against Rs. 72.42 per litre and Rs. 65.82 per litre on Wednesday. The petrol and diesel rates in Mumbai rose to Rs. 78.39 per litre and Rs. 69.24 per litre respectively. In Kolkata, the price of petrol was at Rs. 75.43 a litre and that of diesel was Rs. 68.42 per litre. In Chennai, the prices of petrol and diesel were at Rs. 75.56 a litre and Rs. 69.77 a litre respectively. On Tuesday, petrol prices were revised upwards by 14 paise and diesel by 15 paise. On Monday, prices of petrol and diesel were left unchanged by the OMCs.

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The crude oil prices went up on Monday following supply related concerns after a drone and missile attack on the Saudi Arabia’s oil facilities on Saturday that slashed over 5 per cent of global oil supply. Brent prices had jumped 14.6% on Monday, the contract's biggest one-day percentage gain since at least 1988. On Thursday, Brent crude futures were up 24 cents to $63.84 a barrel, while US West Texas Intermediate (WTI) crude was up 21 cents to $58.32 a barrel.