On the expected lines, oil companies did not wait long and raised the price of petrol and diesel steeply across the country on Monday.
Accordingly, Petrol and diesel prices were increased by 26 paise and 32 paise a litre to Rs 91.53 and Rs 82.06 per litre respectively in Delhi. Prior to the increase, petrol and diesel were being retailed at Rs 91.27 and 81.73 per litre respectively in the national capital. The two auto fuel prices were static for two day weekend period prior to this increase.
Across the country as well the petrol and diesel price increased on Monday but its quantum varied depending on the level of local levies in respective states.
Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had increased sharply on previous four days. Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre on Wednesday, by 25 and 30 paisa on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after 18 days break.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $69 a barrel now.
The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices was halted.