Petrol And Diesel Prices Increased By 35 Paise; Rates Clock New High In Delhi

Fuel prices have touched a new high in India today after the rates went up by 35 paise for both petrol and diesel. Petrol is being retailed in Delhi at Rs. 87.30 per litre and in Mumbai, it stands at Rs. 93.83 per litre. As far as diesel is concerned, it is being retailed at Rs 77.48 per litre in Delhi, while in Mumbai it stands at Rs 84.36 per litre. In Bengaluru, petrol costs Rs 89.83 per litre, while diesel is priced at Rs. 82.79 per litre.

Also Read: Tax Cut By Government Can Help Says Oil Companies As Petrol, Diesel Hit New All-Time High

The hike is primarily attributed to the rising prices of crude oil.

The perpetual hike in fuel prices is primarily attributed to the soaring rates of Brent crude oil. On Monday, Brent crude oil prices for April delivery reached $60 per barrel which is the highest in a year. It is further aided by economic revival hopes and supply curbs by producer group OPEC and its partners. Rising crude prices are impacting petrol and diesel rates in India and it is expected to continue further, till the fluctuation stabilises. In fact, the Reserve Bank of India had asked the Centre to cut petroleum prices, but the government officials in the know of the development said it is highly unlikely that the Centre will reduce the excise duty.

Also Read: Petrol, Diesel Prices Hiked By Around 30 Paise; Touches New High In Delhi At ₹ 86.95/Litre

Fuel prices have been continuously increasing in 2021.

We are just in the second month of 2021 and fuel rates have increased by Rs. 3.59 per litre for petrol and Rs. 3.61 per litre for diesel. Fuel prices were last hiked by 30 paise on February 5. Fuel prices in India have been witnessing an upward revision since early January 2021, after remaining stagnant for over a month. Right now, India's oil marketing companies like - Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are revising domestic fuel prices on daily bases.