Public sector OMCs including like BPCL, Indian Oil Corporation Ltd and Hindustan Petroleum Corporation Ltd revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in fuel prices are implemented from 6 am every day.
Petrol and diesel are being sold at Rs 103.29 and Rs 94.68 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.28 for petrol and Rs 95.30 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 108.69, same as a day ago, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.46.
The prices of petrol in some other major towns in the state are as follows: Rs 103.49 in Puri, Rs 103.26 in Sundargarh, Rs 107.01 in Rayagada, Rs 103.47 in Nayagarh, Rs 108.13 in Nabarangpur, Rs 105.86 in Keonjhar, Rs 103.39 in Kendrapara and Rs 103.18 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 94.81 in Balasore, Rs 95.58 in Bargarh, Rs 94.68 in Jagatsinghpur, Rs 94.57 in Jharsuguda, Rs 95.02 in Puri and Rs 94.81 in Sambalpur.
Petrol was sold at Rs 72.43 per litre in Delhi, the highest in three years. It cost Rs 72.51 on August 2014, according to data from Indian Oil Corp.
In Kolkata, Mumbai and Chennai, petrol was sold at Rs 75.13, Rs 80.30 and Rs 75.12 per litre respectively, also at over three-year high levels.
The previous highs were Rs 75.46 (Kolkata, October 2014), Rs 80.60 (Mumbai, August 2014) and Rs 75.78 per litre (Chennai, August 2014).
Similarly, diesel prices, which have been touching new levels, shot up further on Wednesday across all major cities.
In Delhi, diesel was sold Rs 63.38 per litre. In Kolkata, Mumbai and Chennai, it cost Rs 66.04, Rs 67.50 and Rs 66.84 a litre respectively.
Diesel is widely used to transport goods including food products. Experts say this will push up inflation.
Several factors like production curbs by the Organization of the Petroleum Exporting Countries and high demand have led to a surge in crude oil prices. As on January 24, price of the Brent crude oil hovered around $70 a barrel.
Also, daily price revision in India allows for a rise in domestic fuel prices in accordance with international trends. The earlier system of price determination of petrol had a waiting period of 15 days.
On the other hand, imposition of state taxes and levies generally hikes prices. Currently, the two fuels do not come under the ambit of the Goods and Services Tax.
The prices have been affected by the rise in the crude oil rates in the international market. Though on Monday, the petrol rates in the international market remained unchanged, the Brent crude oil rates were the highest in the past two months.
Accordingly, the petrol prices have been showing a surge with Delhi, Mumbai, Kolkata and Chennai seeing a hike of 16 paise/litre.
As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.05/litre, Rs 76.74/litre, Rs 79.71/litre and Rs 76.97/litre respectively. The diesel rates, which have remained unchanged for six consecutive days are -- Rs 65.79/litre, Rs 68.20/litre, 69.01/litre and 69.54/litre respectively.
Brent crude futures were down by 0.05 per cent, at $63.31 a barrel, which is the highest in the past two months.
West Texas Intermediate (WTI) crude was at $57.84 a barrel, 0.02 per cent higher than the previous session
As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.20/litre, Rs 76.89/litre, Rs 79.86/litre and Rs 77.13/litre respectively. The diesel prices were Rs 65.84/litre, Rs 68.25/litre, 69.06/litre and 69.59/litre respectively.
The West Texas Intermediate for December delivery slumped 1.84 US dollars to settle at 55.21 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery was at $ 60.94 a barrel on the London ICE Futures Exchange.
In the international market, West Texas Intermediate (WTI) Brent crude futures rose by 0.31 per cent to $60.94 a barrel. The Brent crude futures were at $60.75 a barrel.
Petrol price was increased by 9 paise per litre and that of diesel by 11 paise, as per the information on the Indian Oil Corporation website.
Petrol now costs Rs 75.54 a litre in Delhi, Rs 81.13 per litre in Mumbai, Rs 78.13 per litre in Kolkata, and Rs 78.48 per litre in Chennai, after the increase.
Similarly, diesel prices cost Rs 68.51 a litre in Delhi, Rs 71.84 a litre in Mumbai, Rs 70.87 a litre in Kolkata, and Rs 72.39 in Chennai.
The rise in prices comes as global crude oil prices jumped after the US killed a top Iranian general Qassem Soleimani, triggering fresh fears of conflict in the Middle East.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.
(IANS)
Official sources said petrol is being sold at Rs 91.42 per litre in Malkangiri district, while diesel price has spiked to Rs 87.56 a litre.
It is pertinent to mention here that the fuel rates are registering an increase amid a rally in global crude oil prices. The fuel rates recorded an upswing on January 6, 2021, after staying unchanged for almost a month.
The cost of per litre petrol in the capital city of Bhubaneswar reached Rs 86.36, and Rs 87.38 in Rourkela.
“We are facing a lot of difficulties due to spiralling prices of petrol and diesel. In the COVID-19 pandemic situation, the burden has doubled. We are struggling to cope up with this crisis,” said a commuter.
Many believe that the fuel price rise is likely to contribute to the rise in prices of essential commodities as the transportation cost is also expected to go up.
“We are completely dependent on public transport. The bus fares were revised recently and we anticipate a further rise in bus fares,” said another commuter from Bhubaneswar.
(Edited By Devbrat Patnaik)
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