Petrol and diesel prices have increased for the 16th consecutive day. There has been an increase of 33 paise for petrol and 58 paise for diesel on Monday. Prices for petrol have increased by Rs 8.30 and Diesel by Rs 9.5 in 16 consecutive hikes. Diesel is currently at an all-time high.
According to state-run oil marketing companies, a litre of petrol costs Rs 79.56 in Delhi, while it costs Rs 86.36 in Mumbai, Rs 82.87 in Chennai and Rs 81.27 in Kolkata. Diesel on the other hand has shot up to Rs 78.85 in Delhi and Rs 77.24 in Mumbai. The increase in the rates of petrol and diesel varies across India depending on local taxes and VAT.
Here's the price of petrol and diesel in the metro cities:
Similarly, in diesel, the base price is Rs 22.93 in Delhi. But the retail selling price includes Rs 31.83 of excise duty, Rs 23.23 charged to dealers and Rs 17.60 of VAT.
Meanwhile, Brent crude rose 9 cents, or 0.2 per cent, to $42.28 a barrel on Monday, while US crude was at $39.76 a barrel, up 1 cent. Both contracts rose about 9 per cent last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply. Oil prices increased on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains.
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