New Delhi: Oil marketing companies (OMCs) raised the retail price of gasoline and diesel on Friday after a nearly two-month hiatus when auto fuel prices remained static in the global oil market affected by Covid . Also Read – Diwali Prevents Oil Companies From Revising Retail Gasoline And Diesel Prices
The price of gasoline rose by 17 paisa per liter in the national capital to Rs 81.23 against Rs 81.06 per liter the day before. Likewise, the retail price of diesel has been increased from 22 paisa per liter to Rs 70.68 per liter. Also Read – Diesel Prices Drop In Subways Amid Falling Crude Prices
While India has taken both gasoline and diesel out of a previous administrative pricing regime and their retail prices are revised daily based on world commodity prices, the continued retail price revision for almost two months was surprising. At a time when prices globally change hour to hour, in India they could remain static for such a long time. Read also – Diesel price reduced for the first time in 6 months, gasoline price remains unchanged | Check revised rates here
Every dollar increase in the price of crude causes the retail price of gasoline and diesel to increase by up to 40 paisa per liter. This would mean that fuel prices are expected to be up at least Rs 1.20 per liter now.
However, oil companies have kept fuel prices stable even when it was necessary to revise them down last month. This saving has prevented the WTO from raising the prices of gasoline and diesel by a higher margin. Now this option is exhausted and the regular price review could restart.
With the price revision, the retail price of both automotive fuels has also increased across the country, but the level of increase is different by city due to the variable tax structure applied by the states.
Higher prices for gasoline and diesel were expected as the global oil market showed signs of strengthening after positive news about the upcoming introduction of a coronavirus vaccine. In addition, demand for oil and declining inventories in major consumer markets also strengthened the price of crude.
The benchmark Brent crude price has hovered above $ 44 per barrel for some time while US WTI crude is also close to $ 42 per barrel. Both have remained firm since the start of the month after remaining weak in most parts of October at around $ 40 a barrel or less.
WTO sources said the auto fuel hike on Friday may not be a one-time exercise, and the price of the two petroleum products may also increase gradually over the next week. This is necessary to prevent WTOs from incurring losses on the sale of gasoline and diesel.
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