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Petrol, diesel prices in India are rising even as global oil rates slump
Petrol and diesel prices in India have started to soar as domestic oil marketing companies have been revising fuel rates. On Tuesday, petrol and diesel prices were hiked for the seventh time since the ending of a four-and-half-month-long hiatus in rate revision on March 22.
On the first four occasions, prices were increased by 80 paise a litre – the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise. Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise. Today, the rates are increased by 80-85 paise and 75 paise respectively for petrol and diesel.
Overall, petrol price has gone up by Rs 4.80-Rs 4.85 per litre and diesel rate has been hiked by Rs 4.85 a litre. Fuel rates have been increased across the country but prices vary from state to state depending upon the incidence of local taxation.
INTERNATIONAL OIL PRICES
On Monday, crude oil prices on the international market fell sharply as Ukraine and Russia headed for peace talks and on fears of a drop in fuel demand in China after the country began its most extensive coronavirus lockdown in two years to conduct mass testing and control a growing outbreak in Shanghai, the financial hub.
On Tuesday, the global oil benchmark Brent crude futures were trading down by $1.18, or 1.1 per cent, at $111.30 a barrel. US West Texas Intermediate (WTI) crude futures hit a low of $103.46 on Tuesday and were down $1.09, or 1.0 per cent, at $104.87 per barrel, according to a Reuters report.
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