Petrol, diesel in Delhi hit record highs

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SME Times News Bureau | 21 May, 2018
State-run Indian Oil Corp on Sunday raised transport fuel to record highs in Delhi on the seventh day of resuming the daily price change system, following a temporary suspension that lasted 20 days.

The price of petrol in Delhi touched a record high of Rs 76.24 per litre under the dynamic pricing regime beating the previous high of Rs 76.06 in the city on September 14, 2013.

Sunday's hike of 33 paise over the previous day was the highest since dynamic pricing resumed after the suspension, coinciding with the Karnataka elections.

Diesel in the national capital on Sunday went to its highest level of Rs 67.57 per litre.

Petrol prices climbed to new multi-year highs in other major metro cities too -- Kolkata, Mumbai and Chennai -- at Rs 78.91, Rs 84.07 and Rs 79.13 per litre respectively.

Diesel prices also touched record high levels on Sunday in Kolkata, Mumbai and Chennai. They rose to Rs 70.12, Rs 71.94 and Rs 71.32 per litre respectively.

The price of the Indian basket of crude oils, composed of 70 per cent sour grade Oman and Dubai crudes and the rest by sweet grade Brent, has gone upwards of $70 a barrel this month, after rising to an average of $69.30 in April 2018.

It averaged $47.56 and $56.43 per barrel respectively during the last two financial years.

During a telephonic interaction earlier this week with Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Petroleum Minister Dharmendra Pradhan raised concern over the surge in crude oil prices.