Diesel Prices Flare Up To A New Record Level Of Rs 59.70 Per Litre In Delhi

Diesel Prices Flare Up To A New Record Level Of Rs 59.70 Per Litre In Delhi

Diesel prices have flared up to a new record level in Delhi while petrol, kerosene and jet fuel prices continue to rise in the country in line with the surge in global crude oil prices.

State-owned oil companies sold diesel to retail consumers for Rs 59.70 a litre in Delhi on Monday at the highest ever price in the city. In Kolkata and Chennai, diesel prices were the highest since September 2014. In Mumbai, prices were the highest since March 2017.

Petrol prices in Delhi, Mumbai, Chennai, Kolkata and many other cities were the highest since October 3, 2017, when the Centre decided to cut excise duty by Rs 2 on petrol and diesel to bring some relief to consumers. October was also the month the government directed companies to stop monthly hikes in prices of cooking gas – hikes were intended to eliminate subsidy on cooking fuel.

Petrol and diesel prices are linked to international rates, revised daily and published on the website of state-owned oil companies. Prices of cooking gas, jet fuel and other oil products are revised monthly. Revised prices of cooking gas haven’t been published for January.

But prices of jet fuel and kerosene have risen marginally this month. The price of jet fuel has risen to Rs 57,460 per kilolitre from Rs 57,349 per kl for domestic airlines in Delhi. For international airlines, it has risen to $639 per kl from $634 per kl.

The price of subsidised kerosene has risen to Rs 22.39 per litre in Mumbai from Rs 22.12 per litre.

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Prices of oil products have been rising for several months, fuelled by a relentless rise in crude oil prices which have soared 40% in six months to $67 a barrel amid healthy demand and an extended agreement to cut output by oil cartel OPEC, Russia and other producers.

The producers have agreed to cut supply by about 1.8 million barrels per day to boost prices by clearing a supply glut that caused the price crash in mid-2014 and has since kept the prices lower. Read More

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