Fuel prices rise again, petrol to touch Rs 100 per litre in Mumbai soon

Retail price of regular petrol and diesel in the city of Mumbai may soon cross Rs 100 a litre and Rs 90 a litre respectively its highest level ever with prices of the two auto fuels being revised upwards again by Oil marketing companies OMCs on TuesdayPetrol prices in Mumbai rose by 26 paisa to Rs 9812 a litre on Tuesday Similarly diesel prices in the city also rose 31 paisa per litre to Rs 8948 the highest in all four major metro cities in the countryPremium petrol prices have also already crossed the Rs 100 per litre mark in the city and other parts of the country through increase in the retail rates in the month of January and February In fact even regular petrol prices are already over Rs 100 per litre in parts of Madhya Pradesh Rajasthan and MaharashtraThe Tuesdays price rise by OMCs is second consecutive such revision this week Even last week fuel prices increased on four consecutive days before a pause during the weekendThe fuel price rise has made auto fuels touch new highs every day Before this year Petrol and diesel prices reached the highest level in October 2018 when crude prices were over 80 a barrel The all time high levels of petrol and diesel reached this year even though crude is still around 68 a barrelThe Tuesdays price rise has made petrol and diesel prices dearer across the country but its quantum varied depending on the level of local levies in respective statesPrior to holding back auto fuel prices on Saturday and Sunday its pump rates had increased sharply on previous four days Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday by 19 paisa and 21 paisa per litre respectively on Wednesday by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after a 18 days breakIANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 23 per litre by holding the price line despite higher global crude and product prices The oil companies had already increased the ATF prices by 67 per cent effective this monthOMCs benchmark retail fuel prices to a 15day rolling average of global refined products prices and dollar exchange rate In the last fortnight global oil prices have hovered in 6667 a barrel range higher than the levels when petrol and diesel prices were last revised Crude prices have jumped around 68 a barrel nowThe price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static Thereafter revision of fuel prices have been haltedThe OMCs went on price cut for the first time this year on two consecutive days March 24 and 25 after keeping oil prices steady for past 24 days It again reduced the price on March 30 Thereafter fuel prices have remained unchanged for 15 days before falling again on April 15 In all petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so farEarlier petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 746 and Rs 760 per litre respectively so far this yearWith global crude prices at around 68 a barrel mark OMCs may have to revise fuel prices upwards again if there is any further firming upThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever