Petrol, Diesel Prices Hit Fresh Record Highs After 2nd Straight Day Of Hike
The multi-year high international crude oil prices are responsible for the series of hikes witnessed recently
Mumbai: On Thursday, the fuel prices were once again increased by Rs 0.35 for both Petrol and Diesel by Oil Marketing Companies (OMCs).
Petrol and diesel in the national capital Delhi reached Rs 106.54 per litre and Rs 95.27 per litre respectively.
In Mumbai, litre petrol costs Rs 112.44 and diesel sells at Rs 103.26 per litre.
In Kolkata petrol cost Rs 107.12 per litre and diesel at Rs 98.38; Rs 103.61 & Rs 99.59 in Tamil Nadu’s Chennai.
Along with petrol, diesel has also breached Rs 100 per litre mark in most Indian cities and towns. Rajasthan’s Ganganagar has the maximum pump prices of fuel where petrol is retailed at Rs 118.23 per litre and diesel at Rs 109.04 per litre.
Petrol and diesel are priced differently in different states due to Value-Added-Tax (VAT) and excise levies. Domestic oil prices remain at record high levels owing to centre and state levied taxes.
The multi-year high international crude oil prices are responsible for the series of hikes witnessed recently.
On Wednesday, International oil prices rallied after US crude inventories at the nation’s largest oil site dipped to their lowest levels in three years as oil stocks fell sharply signalling increasing demand. Brent crude rose 0.21 per cent to $86.04 a barrel. U.S. West Texas Intermediate (WTI) futures rose 1.10 per cent to $83.87.
However, some relief is anticipated after China’s National Development and Reform Commission said that it would bring coal prices back to a reasonable range and crackdown on any irregularities that disturb market order.
“The news rubbed off the crude prices and both Brent and WTI and down by half a per cent this Wednesday early afternoon trade in Asia. Markets now will look to inventory data from the U.S. Energy Information Administration later. Technically, WTI Crude Oil November is still above the $81.00 level but a trade below could pull prices up to the support zones at $80.20-$79.50 levels. Resistances zones remain at $82.03-$82.98 levels,” said Sriram Iyer, Senior Research Analyst at Reliance Securities on Wednesday.
Domestic crude oil prices are also trading in the red this Wednesday early afternoon trade tracking weak overseas prices. On the domestic front, MCX Crude Oil November is trading 6200 levels and could see a bearish momentum up to the support zones at 6170-6120 levels. Resistance zones remain at 6250-6330 levels, added Iyer.
The daily changes, if any, are implemented by state-run OMCs Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) at 6 am every day.
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