Gasoline and diesel prices rose again, today, Saturday, by about 20%. $1 per liter for the third time in eight days. This has pushed the cumulative rise to approx $5 per liter in just over a week despite the decline in global crude oil prices.
Hyderabad recorded the highest price of petrol in $112.81 per liter on Saturday, followed closely by Thiruvananthapuram at $112.64 and we are in $111 per liter touched the petrol price in Mumbai $108.45 per litre, after an increase of 86 paise, while Kolkata and Jaipur also remained higher. $109 per litre
In Delhi, $99.51 per litre”>Petrol prices rose by 87 paise to $99.51 per litre, while diesel rose by 91 paise to $92.49 per litre. Industry experts said the gradual rises may continue until OMCs recover the estimated revenue losses $HT had earlier reported 8-10 per liter on petrol and diesel sales.
Top 10 cities with highest gasoline prices on May 23
According to fuel price data compiled by Goodreturns,
1. Hyderabad – $112.81 per litre
2. Thiruvananthapuram – $112.64 per litre
3. Patna – $111 per litre
4. Kolkata – $110.64 per litre
5. Jaipur – $109.84 per litre
6. Mumbai – $108.45 per litre
7. Bengaluru – $108.09 per litre
8. Bhubaneswar – $106.18 per litre
9. Chennai – $105.33 per litre
10. Guwahati – $105.1 per litre
Diesel crosses $100 in two cities
Diesel prices also witnessed sharp increases in all cities. According to good returns:
1. Thiruvananthapuram – $101.55 per litre
2. Hyderabad – $100.94 per litre
3. Bhubaneswar – $97.80 per litre
4. Patna – $97.03 per litre
5. Kolkata – $97.02 per litre
6. Chennai – $97 per litre
7. Bengaluru- $95.99 per litre
8. Jaipur – $95.05 per litre
9. Mumbai – $95.02 per litre
10. Guwahati – $94.03 per litre
Why are fuel prices rising?
Sector experts said that global crude oil prices remain volatile and are above $100 per barrel due to tensions in West Asia. India imports more than 88% of its crude oil needs. This makes domestic fuel prices very sensitive to rising global prices and rupee-dollar fluctuations.
According to industry estimates, OMCs were losing approx $Petrol, diesel and LPG sales stood at 1,000 crore per day after the first increase on May 15, HT reported earlier. Losses have now reportedly fallen to even less $500 crores per day after three rounds of price increases.
The three state-run fuel retailers, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, together control more than 90% of India’s fuel retail market and are simultaneously reviewing prices.
(With inputs from HT’s Rajeev Jayaswal)
