Fuel Price

The spike in oil prices comes after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases. Consequently, the Brent crude futures jumped above $70 a barrel on Monday.

Petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital on Saturday. Across the country too, the petrol and diesel price remained unchanged. This is seventh consecutive day when pump prices of auto fuels have remains unchanged.

Under this model, the economists said that uniformity of taxes is ensured across the country while it also brings down the burden of taxes on the common man by almost Rs 10-30 depending on the product consumed and the state in which it is consumed.

OPEC+ approved the continuation of current production levels for April, except that Russia and Kazakhstan will be allowed to increase production by 130,000 and 20,000 barrels per day, respectively, the group said in a statement on Thursday.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

Oil marketing companies raised the pump price of petrol and diesel by 24 paise and 15 paise per litre on Saturday. With this, petrol is now priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital. Across the country as well the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level.

Price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital. Elsewhere in the country as well, fuel prices remained unchanged after oil companies increased its pump prices on 13 of the last 17 days. In the 13 increases since February 9, price have gone up by Rs 3.98 per litre for petrol while diesel rate has risen by Rs 4.19 a litre in Delhi.

On Sunday, price of the fuel in Delhi, Mumbai, Chennai and Kolkata was at Rs 90.58, Rs 97.00, Rs 92.59, Rs 91.7 per litre, respectively, unchanged from the previous levels. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

In Mumbai, petrol price is just Rs 3 per litre short (Rs 96.62 a litre) of touching three digit mark of Rs 100 per litre for the very first time ever. Diesel price in the city is closing on Rs 90 a litre (Rs 87.67 a litre). In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products' prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude hovers at the current level.