Fuel rates were hiked after a two-day pause on October 20. While petrol rates have gone up by 30-35 paise, diesel prices went up by 34-37 paise. Fuel rates were kept unchanged on October 19 and October 18. Petrol and diesel prices were last revised on October 17.
Due to the recent surge in prices, petrol has crossed the Rs 106 per litre-mark to settle at Rs 106.19 per litre in Delhi. Diesel is selling for Rs 94.92 per litre in the national capital. Petrol has breached the Rs 112 per litre mark in Mumbai and is selling at Rs 112.19 per litre in India’s financial capital. Diesel is currently available at Rs 102.89 per litre in Mumbai.
Petrol is selling for Rs 103.31 per litre in Chennai and Rs 106.77 per litre in Kolkata. While diesel is selling for Rs 99.26 per litre in Chennai, it is available for Rs 98.03 per litre in Kolkata. Fuel is the costliest in Bhopal among the major cities of India. A litre of petrol now costs Rs 114.81 in Bhopal whereas diesel is being sold for 104.15 per litre.
FUEL RATES ACROSS MAJOR INDIAN CITIES ON OCTOBER 20, 2021
State-backed oil marketing companies (OMCs) – Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) revise petrol and diesel prices on a daily basis by factoring in value-added tax levied across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange rate.
GLOBAL OIL PRICES
Oil prices dropped after the Chinese government said it was looking for ways to tame high coal prices and would ensure that coal mines operate at full capacity. Chinese coal prices and other commodity prices slumped in early trade. “Ultimately, China’s coal output needs to increase to remedy its energy woes,” Commonwealth Bank commodities analyst Vivek Dhar told Reuters. While Brent crude went down by 43 cents or 0.5 per cent to $84.65 per barrel, US West Texas Intermediate (WTI) crude futures fell 30 cents or 0.4 per cent to $82.66 per barrel.
Edited by Mehak Agarwal
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