Petrol, diesel prices hold even as crude remains strong

Retail fuel prices across the four metro cities remained unchanged for the fifth consecutive day on Tuesday.

Accordingly, in the national capital, petrol was sold at the record high of Rs 84.20 per litre, reached on Thursday (January 7).

In Mumbai, Chennai and Kolkata, the fuel was priced at Rs 90.83, Rs 86.96 and Rs 85.68 per litre, respectively.

Petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities.

The rise came amid rising crude oil prices. Currently, Brent crude price is high near the $56-per-barrel mark.

Diesel price also was the same for the fourth consecutive day across the metros. In Delhi, Mumbai, Chennai and Kolkata, diesel was priced at Rs 74.38, Rs 81.07, 79.72 and Rs 77.97, all unchanged levels since Thursday.

At Rs 84.20 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

The OMCs’ patience of holding back fuel prices was broken on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.