
Theprices of petrol continued its upward march on Monday, the second day running,taking its price closer to century mark in Delhi and Kolkata, the only twometro cities where the fuel is still below Rs 100 a litre.
InDelhi, price of the fuel increased by 35 paise from Rs 99.51 on Sunday to Rs99.86 a litre on Monday. In Kolkata, Petrol prices moved up from Rs 99.45 alitre to Rs 99.84 a litre.
Withthe increase, petrol prices are expected to cross the century mark in these twocities at next revision. With this the fuel will be over Rs 100 a litre in allfour metros and other major cities across the country.
Inthe financial capital Mumbai, petrol price now stands at Rs 105.92 while dieselcosts Rs 96.91, data available on Indian Oil Corporation's website showed. InChennai too, petrol has hit century with pump prices being Rs 100.75 a litre.
Likelast week, OMCs kept diesel prices unchanged on Monday to provide relief to thetransport sector that runs largely on this fuel.
Theprice of diesel in Delhi remains at Rs 89.36 per litre, while in Mumbai,Chennai and Kolkata it is priced at Rs 96.91, Rs 93.91 and Rs 92.27 per litre,respectively.
Officialsin oil companies attribute the consistent increase in fuel prices todevelopment in global oil markets where both product and crude prices have beenfirming up for past couple of months on rise in demand amidst slowing ofpandemic. However, closer look at fuel retail prices in India gives a picturethat it is high level of taxes that is keeping fuel rate higher even in timeswhen global oil prices are firm.
Globalcrude oil price is now hovering around $75 a barrel. It was over $80 a barrelin October 2018 but even then, the petrol prices hovered around Rs 80 a litreacross the county. So, even with lower oil prices now, petrol prices have hitcentury and crossed it by a wider margin now in several parts of the country.
Theonly way retail prices could be brought down in this period is by way of taxcuts by both Centre and States, suggests experts as crude oil prices are seenrising from here on.
Fuelprices are already touching new highs every other day.