New Delhi: The price of gasoline on Tuesday was climbed by 20 Paise per liter and diesel with 25 Paise because international oil prices were close to $ 80 per barrel for the first time in three years.
The price of gasoline was carried out until Rs 101.39 per liter in Delhi from Rs 101.19 and became Rs 107.47 per liter in Mumbai, according to the notices of state-owned fuel retailers.
Diesel rates went to Rs 89.57 per liter in Delhi and Rs 97.21 in Mumbai.
Prices are different from the state to the state depending on local tax events.
This is the first price increase in gasoline in more than two months and fourth in the case of diesel.
This increase followed the increase in international oil prices for the fifth day in a row and global benchmarks headed for USD 80 per barrel.
Tuesday is the first increase in the price of gasoline since the State of Indian Oil Corp (IOC), Bharat Petroleum Corp.
Ltd.
(BPCL) and Hindustan Petroleum Corp.
(HPCL) on September 24 again revised the daily price, ending the pause that had affected since September 5.
In four price increases since September 24, Diesel rates have risen 95 Paise per liter.
This eliminates three quarters of Rs 1.25 per liter cutting prices between July 18 and September 5.
Prior to this, the last diesel price increased on July 15.
The last increase in the gas level is on July 17.
International crude oil prices have reached a highest of almost three years because global output disorders have forced energy companies to attract more crude oil from their stock.
Thus, the level of US crude oil inventories is also close to a three-year low.
“Global demand for crude oil has increased consistently with easing of pandemic restrictions and increases the level of vaccination.
On the supply side, OPEC + alliance has been slow in reducing the restrictions on the output, contributing to the supply that is tightened in the market,” said the source.
In addition, Ida and Nicholas storms have affected crude oil production in the US Mexico Bay region, when they hit the end of August and September.
Like the IEA and OPEC, global demand is expected to exceed the supply because international oil prices are likely to remain firm in the medium term.
Simultaneous rallies in natural gas also tend to encourage demand for alternative fuels.
When international oil interest rates fell in July and August, the retail price of gasoline and diesel in the Delhi market was reduced by Rs 0.65 and Rs 1.25 per liter.
Before that, gasoline prices increased by 11.44 per liter between May 4 and July 17.
The diesel level has risen by Rs 9.14 during this period.
Price increases during this period pushed the price of gasoline above the rs of 100-a-liter rs in more than half a country, while diesel crossed the level at least three countries.
India relies on imports to meet nearly 85 percent of its oil needs so that the benchmark for local fuel tariffs to international oil prices.
Gasoline, diesel prices climb; more to come as crude oil close to $ 80 / barrel
