New Delhi | Jagran Business Desk: Petrol and diesel prices on Tuesday were hiked after 22 days across India after international crude oil rates climbed to a three-year high. While petrol became costlier by 19 to 25 paise per litre, diesel has become dearer by 24 to 27 paise per litre.
In Delhi, people would now need to pay Rs 101.39 and Rs 89.57 for a litre of petrol and diesel respectively. Similarly, they would need to pay Rs 107.47 and Rs 97.21 for petrol and diesel in Mumbai respectively. In West Bengal's capital Kolkata, petrol is priced at Rs 101.87 while diesel is at 92.67. One litre of petrol costs Rs 99.15 in Chennai while diesel would cost Rs 94.17 now.
Petrol and diesel rates, which are revised daily by Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), were on a hike since May 2. However, the rates were remained stable for most of September due to stability in the international market.
However, international oil prices are rising again. Brent crude was up by USD 1.44 or 1.8 per cent on Tuesday to settle at USD 79.53 a barrel. According to market experts, global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the COVID-19 pandemic and Hurricane Ida's hit to the US production.
"The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling toward the threshold of USD 80 per barrel is reflective of the extraordinarily tight crude market," Reuters quoted Louise Dickson, senior oil markets analyst at Rystad Energy, as saying.
"US supply constraints will continue to provide upside to oil prices, as Ida-related outages will still affect US supply in the first quarter of 2022," Dickson added.
Posted By: Aalok Sensharma