The petrol and diesel prices are an inch-closer to touch an all-time high with oil marketing companies (OMCs) raising their retail price for sixth consecutive day on Monday, December 7.
In Mumbai, petrol and diesel have breached the ₹90-mark and ₹80-mark, respectively. The petrol in Mumbai stands at ₹90.34 per litre and in diesel is ₹80.51 per litre.
While in Navi Mumbai petrol costs ₹90.17 per litre and diesel is priced at ₹80.35 per litre.
The cost of petrol has crossed the ₹90 mark in at least 25 districts of in Maharashtra including Nagpur, Nashik, Parbhani, Nanded, Buldhana, Amravati and Ratnagiri. In Parbhani district of the state, it is the costliest in India at ₹92.47 per litre. Whereas diesel too has crossed the ₹80 mark in most of the cities in the state.
Today, on December 7 the price of petrol increased by 30-33 paise whereas diesel has become dearer by 25-31 paise.
Prior to the November 20 hike in rates in India, petrol prices had been static since September 22, and diesel rates hadn't changed since October 2.
In the past 18 days, the petrol price has gone up by ₹2.65 per litre and diesel rate has risen by ₹3.41.
Given the rate of daily increase by OMCs, that milestone may be achieved as early in a day or two.
Global crude prices have firmed up recently over the news of successful coronavirus vaccine. It has increased almost $10 a barrel in last one month to reach closer to $50 a barrel now.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the OMCs lost their patience and finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.
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