Fuel prices hit highest-ever level

October 21, 2021 45 Views No Comment

Diesel breaches Rs.100 mark in Tuensang, Kiphire

DIMAPUR, OCT 21 (NPN) After a two-day hiatus, state-owned oil marketing companies (OMCs) increased the prices of petrol and diesel on Wednesday pushing rates to new highs across the country.

According to a price notification of state-owned OMCs, the prices of petrol and diesel were again hiked by 35 paise per litre each.

After the latest rate revision, the price of diesel in Tuensang and Kiphire has crossed Rs.100-a-litre mark.

In the state capital Kohima, petrol cost Rs.105.59 a litre and diesel Rs. 97.88. In Dimapur a litre of petrol was Rs.104.59 and diesel Rs. 97.07 per litre. (See table)

The rate hike comes after two days of no changes. Prior to that, for four straight days prices were hiked by 35 paise per litre each. With this rise, petrol is now at Rs 100-a-litre mark or more in all state capitals while diesel has touched the level in over a dozen states.

The costliest fuel is in the border town of Ganganagar in Rajasthan where petrol comes for Rs.118.23 a litre and diesel for Rs.109.04.

The unabated rise in petrol and diesel prices has hit the transport sector hard, especially taxi and auto-rickshaw drivers. Ever since the pandemic outbreak, the woes of the common man have been multiplying every day.
Soaring fuel prices have also pushed up the cost of essential commodities, disturbing the household budgets of middle-class families. Citizens are bearing the additional financial burdens at a time when jobs are scarce and sources of income drying up amid the Covid-19 pandemic.

According to a PTI report, the international benchmark Brent crude is trading at USD 84.43 per barrel on Wednesday for the first time in seven years. A month back, Brent was trading at USD 73.92.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

The surge in international oil prices ended a three-week hiatus in rate revision on September 28 for petrol and September 24 for diesel.

Since ending of a three-week long hiatus in rate revision in the last week of September, this is the 17th increase in petrol price and the 20th time that diesel rates have gone up.

Since then, diesel rate has gone up by Rs 6.50 per litre and petrol price has increased by Rs 5.

Prior to that, petrol price was increased by Rs. 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs. 9.14 during this period. Prices differ from state to state depending on the incidence of local taxes.