As crude oil soared to the 2014 high in the international market, national fuel prices continued to set new records on Wednesday. Gasoline rose by 26 to 30 paisa and diesel rose by 34 to 37 paisa.

The latest round of price increases brought the price of gasoline in Delhi to a record high of 102.94 rupees per liter, while in Mumbai it reached 108.96 rupees. Delhi’s diesel rates also reached a record of 91.42 rupees and Mumbai’s 99.17 rupees. In Kolkata, gasoline prices soared to 103.65 rupees per litre and diesel prices soared to 94.53 rupees per litre that day, while in Chennai, fuel prices were 100.49 rupees per litre and 95.93 rupees per litre.

The price of gasoline and diesel varies from state to state, depending on the occurrence of local taxes. At the same time, Mahanagar Gas Company increased the retail price of compressed natural gas (CNG) by 2.59 rupees/kg, and the retail price of pipeline natural gas (PNG) increased by 2.27 rupees/SCM. The price of an unsubsidized domestic LPG cylinder increased by 15 rupees, and its price was revised to 899.50 rupees in Delhi. In 2021, the price of 14.2 kg LPG cylinders soared by 205.50 rupees.

Fuel costs rose for the seventh time in about a week, bringing gasoline prices in most major cities of the country to more than 100 rupees. Similarly, in less than two weeks, the tenth price increase caused diesel prices in several cities in Madhya Pradesh, Rajasthan, Orissa, Andhra Pradesh and Telangana to soar to 100 rupees. above.

Although the market is facing an energy crunch, after OPEC+ decided to maintain its plan to gradually increase supply, international oil prices rose to a nearly seven-year high. The global benchmark Brent crude oil rose to US$81.51 per barrel, while West Texas Intermediate crude oil rose to US$77.76 per barrel.

News Source : Money Control