Petrol, diesel prices rise for 7th consecutive day

Petrol and diesel prices maintained a northward rally on Monday the seventh consecutive day when the retail prices have risen across the country with oil on the boil in global markets and both crude and product prices seeing a big spikeAccordingly oil marketing companies raised the pump price of diesel by a high level of 29 paise per litre and petrol by another 26 paise per litre in DelhiWith this increase petrol is now priced at Rs 8899 a litre and diesel Rs 7935 a litre in the national capitalIn the last seven days the price has gone up by Rs 206 per litre for petrol while diesel rate has risen by Rs 256 a litreAcross the country as well the petrol price increase ranged from 2326 paise per litre and diesel price 2830 paise per litre depending on the level of local taxes on the two petroleum productsIn Mumbai petrol price is just Rs 4 per litre short Rs 9546 a litre of touching three digit mark of Rs 100 per litre for the very first ever anywhere in the country Diesel price in the city is closing on Rs 90 a litre Rs 8634 a litre In all other metros petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre barring DelhiThe increase on Monday has followed the firming global oil prices both product and crude that have maintained a record streak of gains in the past few days with crude reaching close to 635 a barrel mark single day gain over 2 per centBut experts said that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices soon Also Saudi Arabia unilateral production cuts may also be withdrawn post March putting downward pressure on oil pricesThough firm global crude and product price is the reason for the increase in retail price of petrol and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 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 19 times in 2021 with the two auto fuels increasing by Rs 528 and Rs 548 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 central taxes of petrol and diesel and firm crude prices The Budget has also imposed a new agriculture infrastructure and development cess Oil minister Dharmendra Pradhan has ruled out any cut in duty on petro productsThis 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