Petrol and diesel prices today reached their lifetime high in the national capital after oil companies resumed daily price revision on January 6.
In Delhi, one litre of petrol today costs Rs 85.20 per litre, and diesel rates have climbed to Rs 75.38/ litre, according to Indian Oil Corporation data. Since January 6, petrol and diesel prices have increased Rs 1.49 and Rs 1.51, respectively, in Delhi.
In Mumbai, the petrol price soared to an all-time high of Rs 91.80 a litre, while diesel rates went up to Rs 82.13 per litre on Tuesday.
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said fuel prices had gone up because of lower production in oil-producing nations due to the coronavirus pandemic. This has caused an imbalance in demand and supply, the minister said.
The crude oil price has surged to 35.12 per cent since April 2020 when the coronavirus outbreak began in India and the country went under a stringent lockdown. According to data from the Petroleum Planning and Analysis Cell, the average crude oil prices in April fell to $19.90/bbl. Pradhan said now the crude oil prices have gone up to $54-55/bbl.
Since India is vulnerable to any changes in global crude oil prices and supplies, any increase can affect its domestic fuel prices, resulting in a high trade deficit and inflation.
The minister said the biggest challenge is India imports 80 per cent of crude oil and is third in terms of consumption.
In FY19 and FY20, the Centre spent $111.9 billion and $101.4 billion, respectively, on crude oil imports, the PPAC data showed.
Pradhan added the focus of the government was on electric vehicles (EVs), solar energy, production of ethanol, etc, to become self-reliant in the energy sector.
Check out petrol prices today
- Price of petrol in Delhi today, January 19- Rs 85.20/litre
- Price of petrol in Mumbai today, January 19-Rs 91.80/litre
- Price of petrol in Chennai today, January 19-Rs 87.85/litre
- Price of petrol in Kolkata today, January 19-Rs 86.63/litre
- Price of petrol in Hyderabad today, January 19-Rs 88.63/litre
- Price of petrol in Bengaluru today, January 19-Rs 88.07/litre
- Price of petrol in Gurgaon today, January 19- Rs 83.36/litre
- Price of petrol in Noida today, January 19-Rs 84.83/litre
Check out diesel prices today
- Price of diesel in Delhi today, January 19- Rs 75.38/litre
- Price of diesel in Mumbai today, January 19- Rs 82.13/litre
- Price of diesel in Chennai today, January 19-Rs 80.67/litre
- Price of diesel in Kolkata today, January 19- Rs 78.97/litre
- Price of diesel in Hyderabad today, January 19- Rs 82.26/litre
- Price of diesel in Bengaluru today, January 19-Rs 79.94/litre
- Price of diesel in Gurgaon today, January 19- Rs 75.98/litre
- Price of diesel in Noida today, January 19- Rs 75.83/litre
Meanwhile, Brent crude futures for March rose 17 cents, or 0.3 per cent, to $54.92 a barrel by 0150 GMT after slipping 35 cents in the previous session, according to Reuters.
Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose three per cent to a new record in 2020. Investors are also watching out for US President-elect Biden's inauguration speech on Wednesday for details on the country's $1.9 trillion aid package.