Oil price rise in India is way below global price hikes: Hardeep Singh Puri
The minister also highlighted India's commitment to accelerating a just and sustainable energy transition at the ministerial dialogue on India-US strategic clean energy.
Automobile fuel price continued to soar on Saturday, marking 12th consecutive day. As per the latest updates, oil marketing companies (OMCs) raised price of petrol and diesel by 39 paisa and 37 paisa per litre respectively in the national capital.
In the last 12 days (since February 9), the price has gone up by Rs 3.63 per litre for petrol while the diesel rate has risen by Rs 3.84 a litre.
With this latest hike, petrol has breached Rs 90 per litre-mark across all metros and around all major cities of the country.
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Across the country as well the surge in fuel prices ranged from 35-40 paisa per litre depending on the level of local taxes on the two petroleum products.
In Mumbai, petrol prices rose to Rs 97 a litre and Diesel prices is now at Rs 88.06 a litre.
In other metros like Chennai and Kolkata petrol is now at Rs 92.59 per litre and Rs 91.78 per litre.
Similarly, retail price of diesel in Kolkata is now at Rs 84.56 per litre and in Chennai it is at Rs 85.98 a litre.
The increase on Saturday has followed the firm global oil prices (both product and crude). Interestingly, the crude price has softened marginally over last few days after crossing $ 65 a barrel mark earlier this week. It is around $ 63 a barrel now.
Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude hovers at the current level or falls.
The petrol and diesel prices have increased 24 times in 2021 with the two auto fuels increasing by Rs 6.87 and Rs 7.10 per litre respectively so far this year.
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