Petrol and diesel prices extended gains on Friday with pump prices rising by 29 paise and 35 paise per liter, respectively in the national capital.
With this increase, it is for the fourth consecutive day this week that petrol prices have gone up in Delhi and are now Rs 88.14 a liter and diesel Rs 78.38 a liter.
Across the country as well, the petrol prices increase within the 25-30 paisa per liter range, while diesel between 30-35 paisa per liter — depending on the level of local taxes on the two petroleum products.
The increase on Friday has followed the firming of global crude oil prices that have remained close to the $61 a barrel mark. The pump prices of petrol and diesel have now reached new highs across the country.
The current price rise is largely on account of a steep increase in central taxes of petrol and diesel and firm crude prices. The budget has also imposed a new agriculture infrastructure and development cess. Oil minister Dharmendra Pradhan has ruled out any cut in duty on petro products.
Though firming of global crude and product price is the reason for the increase in the retail prices of petrol and diesel, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time, OMCs had gone in for both a pause in the price of auto fuels as well increase in its retail prices on consecutive days.
Crude prices have remained firm for the last few weeks in wake of unilateral production cuts announced by Saudi Arabia and a pick-up in consumption in all major economies globally.
The petrol and diesel prices have increased 16 times in 2021 with the two auto fuels increasing by Rs 4.43 and Rs 4.51 per liter, respectively so far this year.