Petrol, diesel prices continue northward rally for 7th straight day

But experts said that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices soon. (Photo: AFP)


Petrol and diesel prices continued to soar on Monday as oil marketing companies again raised the automobile fuel rates for the seventh consecutive day.

In the national capital, the retail rates for diesel and petrol were raised by 29 paise per litre and 26 paise per litre. As a result, petrol jumped to Rs 88.99 a litre and diesel Rs 79.35 a litre.

Across the country as well the petrol price increase ranged from 23-26 paise per litre and diesel price 28-30 paise per litre depending on the level of local taxes on the two petroleum products.

In Mumbai, petrol price is just Rs 4 per litre short (Rs 95.46 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 86.34 a litre).

In other metros like Chennai and Kolkata, petrol is at Rs 90.25 a litre and Rs 91.19 a litre respectively. Diesel in Chennai cities is at Rs 84.44 per litre and at Rs 82.94 a litre in Kolkata.

The latest increase comes on the backdrop of 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 $ 63.5 a barrel mark (single day gain over 2 per cent).

But 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 Also, Saudi Arabia unilateral production cuts may also be withdrawn post March, putting downward pressure on oil prices.

Crude 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 globally.

The petrol and diesel prices have increased 19 times in 2021 with the two auto fuels increasing by Rs 5.28 and Rs 5.48 per litre respectively so far this year.