Saturday marked the seventh straight surge in petrol price. There seems no halting the soaring prices of petrol and diesel in the country. While the price of petrol was lifted by 59 paise per litre, a litre of diesel became costlier by 53 paise as oil marketing companies look at cutting losses incurred during the lockdown period when demand fell in an enormous manner.
The latest price amendment puts up the price of a litre of petrol in Delhi to ₹75.16 while in Mumbai, it has now shot past ₹83-mark. Similarly, diesel prices in both cities now are at ₹73.39 and ₹72.03, respectively.
India’s demand for fuel doubled in May and has been steadily growing in June with the lessening of constraints. Indian refineries have already scaled up crude processing with Indian Oil Corp, the country’s top refiner, looking to supervise its plants at about 90% potential in June.
Formerly, oil companies had maintained fuel prices unchanged for 83 days, carrying the status-quo to an end last Sunday.
Besides, global crude prices have solidified to a large extent after plunging to historically low levels in April. A barrel of crude has been marketing at around $38 which may have also provoked fuel prices in India to go like a bat out of hell. India is the world’s third-largest oil importer.