New Delhi, May 6: The fuel prices in India rose sharply across the country for the third consecutive day on Thursday, May 6, as Oil Marketing Companies (OMCs) continued to cover for their losses after the stagnant prices that were in place for the past 18 days. Petrol and diesel prices in the country rose again sharply by 25 paise and 30 paise per litre respectively on Thursday. The fuel rates have been increased across the country and differ from state to state depending on the incidence of value-added tax. With the latest hike in fuel prices, the price of petrol and diesel in Delhi on Wednesday stands at Rs 90.99 per litre and Rs 81.42 per litre respectively. World May See Peak of Petrol, Diesel Demand by 2035 but Not in India, Says Oil Ministry Official.
In Mumbai, the price of petrol and diesel stood at Rs 97.34 and Rs 88.49 per litre respectively. Meanwhile, in Chennai, petrol costs Rs 92.90 per litre while diesel is being priced at Rs 86.35. The petrol and diesel rates in Kolkata on May 6 stands at Rs 91.14 per litre and Rs 84.26 per litre respectively.
Petrol and Diesel Prices in Metro Cities on May 6, 2021:
|Delhi||Rs 90.99/ litre||Rs 81.42/ litre|
|Mumbai||Rs 97.34/ litre||Rs 88.49/ litre|
|Chennai||Rs 92.90/ litre||Rs 86.35/ litre|
|Kolkata||Rs 91.14/ litre||Rs 84.26/ litre|
The state-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) -- are supposed to revise rates daily based on input cost. The fuel prices had been on a continuous uptrend since April 27. Experts believe that crude oil prices in the international market will remain firm in the near future too. Despite the concerns posed by COVID-19 in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.
(The above story first appeared on LatestLY on May 06, 2021 08:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).