New Delhi: Price of diesel in the national capital touched a fresh all-time high on Sunday after rising for 15 consecutive days.
In Delhi, diesel was sold at Rs 78.27 per litre, with a 60 paise hike on Sunday. Since the dynamic pricing system for daily price revision resumed after over 80 days on June 7, diesel price in the national capital has increased by Rs 8.88 per litre.
With this hike, the gap between petrol and diesel prices has come to its lowest level ever. In Delhi, petrol prices is less than Rs 1 high over diesel prices.
The increase in fuel rates has been similar across metros.
In Mumbai, Chennai and Kolkata, diesel was sold at Rs 76.69, Rs 75.80 and Rs 73.61 per litre, respectively, up from the previous levels of Rs 76.11, Rs 75.29 and Rs 73.07.
Petrol prices also have witnessed a continuous rise of 15 days and have already increased by Rs 7.97 per litre during the period. On Sunday, the fuel was sold for Rs 79.23 a litre, 35 paise higher from the previous level.
In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 86.04, Rs 82.58 and Rs 80.95 a litre, compared to Rs 85.70, Rs 82.27 and Rs 80.62 per litre.
Post the continuous price hike of over two weeks, auto fuel prices rise may either stop or the quantum of increase could fall in the coming week as oil companies have now priced the products closer to the international benchmark rates. There could be days when prices are not changed by the oil companies.
Sources in oil marketing companies, however, said that price rise could continue for a few more days as global product prices are firming up with a pick-up in demand following opening up of economies across the globe post Covid-19 related lockdown. Even global crude prices have more than doubled from April levels to over $42 a barrel level.
Also, OMCs are catching up on the price levels that bring the product prices closer to international benchmark rates. The price freeze of 83 days, even with a substantial increase in excise duty on petrol and diesel by the Centre, has increased the price gap resulting in losses on sale of products for the OMCs.