With crude oil rates extending losses after the biggest decline in three weeks, petrol price was left unchanged for six consecutive days while the price of diesel went up once again for the fifth straight day today. State-run fuel retailers increased the price of diesel by 20 paise today.
In New Delhi, a litre of petrol costs Rs 74.63 while diesel is priced at Rs 66.94. In Mumbai, you have to pay Rs 80.29 for a litre of petrol and Rs 70.23 for diesel. In Bengaluru, petrol is priced at Rs 77.18 a litre and diesel is selling at Rs 69.22. In Chennai, a litre of petrol is charged at Rs 77.58 and diesel costs Rs 70.77. Petrol and Diesel prices are revised daily by oil marketing companies based on the average price of fuel in the previous fortnight.
Meanwhile, the government is said to be considering a proposal to allow fuel retailers to charge a premium on retail prices of petrol and diesel to recover their investment in upgrading their refineries to produce BS Stage-VI fuel. If this proposal is accepted by the government, retail prices of petrol and diesel would come at a premium of about Rs 0.80 a litre and Rs 1.50 a litre, respectively for the next five years much to the discomfort of consumers.
Read EquityPandit’s Nifty Outlook for the Week