Brake on petrol, diesel price rise after three consecutive days of hikes

Oil companies began increasing pump prices of the two petroleum products from last Friday after a almost two-month-long hiatus in a fuel price revision. On Sunday, petrol price was hiked by 24 paise per litre and diesel by 27 paise as hopes of a vaccine development led to a rally in worldwide oil prices. From Saturday's pricing of Rs 88.81 a litre, petrol became costlier by 21 paise on Sunday and maintains that pricing for today. Against this background prices may rise one day and may fall another day. It has risen on all days thereafter, meaning the prices have risen in eight of the past nine days.

In the state's capital, petrol rate was ₹90.05 per litre while diesel was being sold at ₹80.10 per litre on Monday, according to Madhya Pradesh Petrol Pump Owners Associations president Ajay Singh. The petrol prices in Hyderabad remained at Rs. 85.64 paise with a hike of 22 paise and diesel at Rs. 79.02 with 32 paise hike.

Prof K Nageshwar: Petro Prices At Record Level (Video)

But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products. Among the cities where petrol price has crossed the Rs 90-mark are Bhopal and Indore in Madhya Pradesh and Aurangabad in Maharashtra. Meanwhile, diesel at Rs 78.93 a litre is priced just Rs 10.05 lesser than petrol in Mumbai.