Fuel prices rise sharply, Mumbai sells petrol at Rs 94.36 per litre

Petrol and diesel prices have risen again sharply on the back of a surge in global crude prices that has taken it above 61 a barrel markThe oil marketing companies on Thursday decided to continue raising the price of petrol and diesel with the pump price increasing by 25 paise and 30 paise per litre respectively in DelhiWith this petrol is now priced at Rs 8785 a litre and diesel Rs 7803 a litre in the national capital With the price rise the petroleum product prices have now reached new historic high levelsAcross the country as well the petrol price increase ranged from 2224 paise per litre and diesel price 2831 paise per litre depending on the level of local taxes on the two petroleum productsThe increase has taken petrol price in Mumbai closer to Rs 100 a litre with its retail price now reaching Rs 9436 a litre Diesel is also most expensive in Mumbai at Rs 8494 a litreThough firm global crude and product price is the reason for the increase in retail price of petrol and diesel it is interesting to note that even though crude has been hovering just over 55 a barrel for a long time earlier OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on the consecutive daysCrude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globallyThe petrol and diesel prices have increased 15 times in 2021 with the two auto fuels increasing by Rs 414 and Rs 416 per litre respectively so far this yearThe 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 up 80 a barrelThe current price rise is largely on account of steep increase in the central taxes of petrol and diesel and firm crude prices The Budget has also imposed a new agriculture infrastructure and development cessPetrol price was very close to breaching the alltime high level of Rs 84 a litre reached on October 4 2018 when it touched Rs 8371 a litre on December 7 2020 But the march had been halted ever since then with no price revision by the OMCs in the month The price rise started again only on January 6Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuelsThis 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