After one day of stagnancy, petrol and diesel prices are up again – petrol by 0.05 paise per litre and diesel by 9-13 paise a litre on Monday. The prices hiked for the 22nd time in just over three weeks.
Petrol and diesel prices were not increased on Sunday for the first time since June 7 2020 when the oil marketing companies resumed the daily revision of rates after 82 days of nationwide lockdown.
In Delhi, petrol is increased by 0.05 paise and now it will cost Rs 80.43 per litre. Diesel price was raised by 13 paise and it stood at Rs 80.53 per litre.
The last hike in prices was seen on Saturday, petrol was priced at Rs 80.38 per litre and diesel was priced at Rs 80.40 per litre in Delhi.
Factors affecting auto fuel price in India
• Daily price revision in India
The Indian oil marketing firms recently introduced the daily revision of diesel rates in India. The daily price revision started on June 15, 2017. With the introduction of this rule, the rate of auto fuels varies across India as there is a daily revision of the prices.
• cost of crude oil
petrol and diesel prices – It is one of the important components which determines the fuel price across the world. Global demand and supply and economic conditions of crude oil determine the fuel prices. Low cost of production, increased international demand, and any political conflict in the crude oil-producing nations of the world seriously affects the price.
• Demand and Supply of Fuel
The fleet vehicles in the country mostly depend on petrol. If the supply of petrol decreases as a result of lagging imports or refinery problems, the stocks may fall. If transportation for the supply of fuel from one place to another place cannot support the flow of supplies, then the prices of the fuel will remain high. This affects the prices of fuel in India, which mainly depends on the export of diesel from oil-producing countries.