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Diesel price hiked by ₹7 in 12 days, petrol by ₹6.5

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In a span of just 12 days, the price of diesel has increased by 7.04 a litre while that of petrol is up by 6.55 a litre. Petrol price went up by 53 paise in Delhi today and diesel price was hiked by a bigger margin of 64 paise.

New Delhi: Petrol 77.81 Diesel 76.43

Gurgaon: Petrol 76.24. Diesel 69.08

Mumbai: Petrol 84.66. Diesel 74.93

Chennai: Petrol 81.32. Diesel 74.23

Hyderabad: Petrol 80.77. Diesel 74.70

Bengaluru: Petrol 80.33. Diesel 72.68

After 12 days of non-stop hikes, the price of petrol is now at a 19-month high in India. As diesel prices are at a record high, the All India Motor Transport Congress (AIMTC) said the unbridled hike in fuel prices coupled with extortion at border check-posts in states has hit truckers hard and if the government fails to intervene, disruption of transport services cannot be ruled out.

The current spike in fuel rates comes at a time when international crude oil prices have moderated to around $40 a barrel and the demand for fuel is gradually inching back to pre-Covid levels.

After declining more than 8% last week, Brent crude futures fell 1.5% to $40.10 a barrel in the morning today. While prices dipped, they are likely to remain in the $35 to $40 band they have been trading in so far in June, with the Organization of the Petroleum Exporting Countries and its allies, a grouping called OPEC+, mostly sticking to promised supply cuts, U.S. shale producers holding back output, and fuel demand gradually improving, analysts said.

 

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