Premium| Listen to this article |
Fuel prices in the country has been raised once again. Oil marketing companies raised prices of petrol and diesel again on Friday by 80 paise per litre each. Following the hike, petrol was retailing for ₹101.81 a litre in the national capital, while diesel sold for 93.07 a litre. The price of petrol in Mumbai has been increased by 84 paise taking the petrol and diesel prices per litre to ₹116.72 and ₹100.94, respectively.
While in Chennai, the price of petrol has been increased by 76 paise and it is now sold at ₹107.45 and diesel at ₹97.52. In Kolkata, the price of petrol is ₹111.35, increased by 83 paise and diesel is ₹96.22, increased by 80 paise.
Meanwhile, the hike in fuel prices is likely to continue in April, said experts, as the gap between domestic retail prices and global oil prices is very high.
Global oil prices rebounded in Asian trading on Wednesday as investors assessed the outlook for a de-escalation of Russia’s war in Ukraine, which has entered its second month and rattled markets worldwide. Futures in New York rose above $105 a barrel after losing more than 8% over the previous two sessions. Rahul Kalantri, vice president for commodities at Mehta Equities Ltd, said "Oil prices were trading down on Tuesday as it appeared that Ukraine and Russia had made some progress in their peace talks, but oil price recoups losses as API reports large crude oil inventory draw." The Indian crude oil basket, comprising Oman, Dubai and Brent crude was at $112.41 per barrel on 30, according to data from the Petroleum Planning & Analysis Cell of the Ministry of Petroleum and Natural Gas.
(With inputs from agencies)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!