Third price hike in four days makes diesel 70 paise / liter more expensive

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  • Previously, diesel prices were ??88.62 per liter after hitting a record high ??89.87 in mid-July.

By Rajeev Jayaswal, Hindustan Times, New Delhi

UPDATED SEPTEMBER 28, 2021 01:45 AM IST

Diesel became more expensive by 70 paise per liter on Monday after state-run fuel retailers increased their tariffs by an additional 25 paise, raising the retail price in Delhi to ??89.32 per liter. It was the third such rise in the past four days as international crude oil prices head towards $ 80 a barrel amid rising demand and supply, but insiders claim that an increase in oil prices is also underway.

Previously, diesel prices were ??88.62 per liter after hitting a record high ??89.87 in mid-July. The retail price of gasoline in Delhi, however, has remained frozen at ??101.19 per liter since September 5 despite the volatility of the international oil markets. He had reached a record high of ??101.84 on July 17 and stayed there for 36 consecutive days. Subsequently, the companies reduced the rate to 65 paise spread over four small denominations.

But public sector oil marketing companies (WTO) are also under pressure from market forces to raise oil prices, two executives working at the companies said on condition of anonymity.

“The last increase in the retail price of gasoline was on July 17. However, without respite from soaring international prices, an increase in the retail price of gasoline and diesel is likely in the next few days, “said a directly briefed executive. of the case said.

There are indications that imported energy would be more expensive, said the two executives mentioned above. “According to the IEA (International Energy Agency) and OPEC (Organization of the Petroleum Exporting Countries), global demand is expected to exceed supply due to which international oil prices are likely to remain firm in the short and long term. In the medium term, natural gas is also likely to stimulate demand for alternative fuels, including crude oil, ”said the CEO.

Benchmark Brent crude continued its upward movement in intraday trading on Monday with a gain of 1.83% to $ 79.52 a barrel.

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