Fuel Prices In India Continue To Scale Record Highs Even As Global Crude Price Edges Lower

After fuel prices were kept steady on Thursday (May 13, 2021), the state-run oil retailers have made a fresh hike in fuel prices today. Petrol price has gone up by 29 paise while diesel prices have edged higher by 34 paise.

On the latest increase in rates, petrol in the National capital is retailing at Rs. 92.34 per litre, while diesel is available for Rs. 82.95 versus the previous day's price of Rs. 82.61 per litre. In Mumbai, diesel is quoting at Rs. 90.11 while petrol prices today are Rs. 98.65.

Furthermore, the petrol price in several of the Indian cities is currently priced above Rs. 100 litre while diesel has crossed Rs. 90 per litre levels.

Notably, the fuel price hike in India today comes at a time when the global crude oil rates have receded lower on account of raging Covid 19 situation in India. On Thursday Brent crude declined over 1 percent to $68.58 per barrel by 0655GMT, after gaining 1 percent on the previous day.

The current ongoing hike in fuel price is worrisome as per experts as it could fuel a rise in retail inflation in May, which softened in the month of April owing to slow pace in the increase in food prices.

Since, mid-2017, fuel rates in India are following the dynamic pricing model and oil marketing companies revise fuel rates on a daily basis at 6 am.

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