Petrol prices breach ₹75-mark in Delhi in seventh consecutive hike
There appears no stopping the rising prices of petrol and diesel in the country as Saturday saw the seventh straight hike. While price of petrol was raised by 59 paise per litre, a litre of diesel became costlier by 53 paise as oil marketing companies look at cutting losses incurred during the lockdown period when demand fell in a massive manner.
The latest price revision takes the price of a litre of petrol in Delhi to ₹75.16 while in Mumbai, it has now shot past ₹83-mark. Similarly, diesel prices in both cities now are at ₹73.39 and ₹72.03, respectively.
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India's demand for fuel doubled in May and has been steadily rising in June with the easing of restrictions. Indian refineries have already scaled up crude processing with Indian Oil Corp, the country's top refiner, looking to operate its plants at about 90% capacity in June.
Previously, oil companies had kept fuel prices unchanged for 83 days, bringing the status-quo to an end last Sunday.
Additionally, global crude prices have stabilized to a large extent after falling to historically low levels in April. A barrel of crude has been trading at around $38 which may have also prompted fuel prices in India to shoot up. India is the world's third largest oil importer.