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Fuel Price Continues to Rising as OMCs Cover Gaps Over Possible Cuts in Rates

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Global cues pushed fuel prices to increase again across the country on Saturday, adding more misery for the common man already grappling with rising food prices amidst shrinking income.

The retail prices of petrol and diesel rose by a sharp 35 paise and 26 paise per liter on Saturday to touch a new high of Rs 100.91 and Rs 89.88 per liter, respectively in Delhi.

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With the rise, now diesel prices have reached very close to hitting the century mark all across the country. The fuel is already over Rs 100 per liter in some towns in Rajasthan and Madhya Pradesh.

In the city of Mumbai, where petrol prices crossed the Rs 100 mark for the first time ever on May 29, the fuel price reached a new high of Rs 106.93 per liter on Saturday. Diesel prices also increased in the city to reach Rs 97.44 a liter, the highest among metros.

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Across the country as well petrol and diesel prices increased on Saturday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in all metros have now crossed Rs 100 per liter mark and OMC officials said that if international oil prices continue to firm up, fuel prices may rise further.

With Saturday’s price hike, fuel prices have now increased on 38 days and remained unchanged on 33 days since May 1. The 38 increases have taken up petrol prices by Rs 10.51 per liter in Delhi. Similarly, diesel has increased by Rs 9.15 per liter in the national capital.

Consumers can now only expect that any further rise in fuel price is checked as OMCs start cutting the retail price of petrol and diesel over the next few days to provide relief.

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