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Petrol price hiked by 4 to 5 paise across all metros, diesel rates remain unchanged

09:27 AM Sep 01, 2020 | FPJ Web Desk

The petrol prices were hiked by 4 to 5 paise across all metros on Monday, while diesel prices remained unchanged. In Delhi, petrol rates were up by 5 paise on Monday, as per the data by Indian Oil Corporation Limited (IOCL).

In Delhi, petrol was priced at Rs 82.08, higher by 5 paise from Rs 82.03 on Saturday. Price of the fuel in Mumbai, Chennai and Kolkata was at Rs 88.73, 85.04, Rs 83.57 per litre, respectively, against the previous levels of Rs 88.68, Rs 85 and Rs 83.52 per litre.

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Diesel prices were unchanged across the four cities. In New Delhi, Mumbai, Chennai and Kolkata, the fuel was priced at Rs 73.56, Rs 80.11, Rs 78.86 and Rs 77.06 per litre respectively.

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Oil companies struggle to spend; not as per Finance Ministry's wishes

Prices of the two fuels vary across the country depending on state levies. The price of diesel at the same level since August 1. Oil companies resumed the dynamic pricing system for daily revision of the two auto fuels from June 7 after keeping the price unchanged for around 82 days during the lockdown.

Crude oil prices on Monday rose by Rs 42 to Rs 3,191 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for September delivery traded higher by Rs 42, or 1.33 per cent, at Rs 3,191 per barrel in 3,205 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil was trading up by 0.79 per cent at USD 43.31 per barrel, while Brent crude was quoting 1.18 per cent higher at USD 46.35 per barrel in New York.

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