Petrol, diesel prices: On the fifth straight day, the prices of petrol and diesel were hiked by the oil marketing companies (OMCs) on Monday.
Petrol, diesel prices: On the fifth straight day, the prices of petrol and diesel were hiked by the oil marketing companies (OMCs) on Monday. In Delhi, petrol can be purchased for Rs 76.36 per litre in Delhi. The petrol is being sold today for Rs 83.75, Rs 79.03, and Rs 79.25, respectively, in Mumbai, Kolkata and Chennai, according to the state-run IOCL mobile app. The prices of diesel in Delhi today is Rs 68.07 per litre. In Mumbai, Kolkata and Chennai, diesel is available at Rs 72.23, Rs 70.62 and Rs 71.85 per litre, respectively on Monday, according to the IOCL mobile app.
The government-run oil marketing companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am every day. The three state-owned fuel retailers, IOC, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp Ltd had not revised petrol and diesel prices since 26 June before the first hike on last Thursday.
IOC chairman Sanjiv Singh told PTI: “We had not changed prices for a few days in anticipation Opec decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue.”
While the OPEC in the previous month decided to hike production, the US is putting pressure on India, China, and other purchasers of oil to terminate all imports of Iranian oil by a November 4 deadline. It is being done in a bid to choke the Persian Gulf state’s economic lifeline with sanctions over its nuclear programme. Sanjiv Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.
The decision to hold on to prices was taken without any polls looming around, he said, adding global prices have risen post-Opec decision and oil companies have to “adjust retail rates accordingly”.