Petrol Rates Stable; Diesel Prices Hiked

Petrol prices on 4 April were left unchanged for the third straight day at Rs 72.86 in New Delhi, Rs 74.88 in Kolkata, Rs 78.43 in Mumbai and Rs 75.62 in Chennai.

However, diesel rates across Indian cities were increased by 5 paise per litre to Rs 66.14 in New Delhi, Rs 67.88 in Kolkata, Rs 69.22 in Mumbai and Rs 69.83 in Chennai.

Prices of these petroleum products are revised every morning by oil marketing companies based on the average of international oil prices in the last 15 days and foreign exchange rate. The price of petrol has been increased by as much as Rs 4 per litre in 2019, so far. Similarly, diesel rates per litre have been raised by Rs 5 this year.

International oil prices dipped on Thursday after data on US crude oil inventories showed a sudden increase as against analysts' expectation of a decrease of 425,000 barrels.

Meanwhile, a PTI report said that according to sugar industry body ISMA, ethanol blending with petrol is estimated to touch 7.2 percent in the 2018-19 marketing year.

The new Biofuel Policy 2018 has fixed a target of achieving 20 percent ethanol blending with petrol by 2030. The government is targeting to achieve the first milestone of 10 percent of ethanol blending with petrol by 2022.