Petrol, diesel prices touch new all-time highs. Check latest rates here

Marco Green
January 24, 2021

The price of petrol increased by Rs 0.26 while price of diesel increased by Rs 0.25.

The soaring prices of petrol in the city are also burning a hole in commoners' pocket putting an additional burden of contemplating a budget before refueling their vehicles.

With this petrol price in Kochi increased to Rs 85.97 per litre while diesel price increased to Rs 80.14 per litre.

Oil prices have also been rising as compliance with a deal to cut output from the Organization of the Petroleum Exporting Countries (OPEC) and its allies fell in December from November.

"A few months back, we all were discussing consumption-centric revival, demand-driven revival, and we were supposed to restrict our production cut, and ramp-up (of production) gradually by January. But contradiction to that, we all are controlling oil production (now)", he said at an energy conference referring to a deal between Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russian Federation.

"This kind of scenario will push us to more alternate methods of energy sourcing". "We do not allow disequilibrium and building of stocks to materialise". "Our target remains stable oil markets". Parbhani continued to have the most expensive fuel in the state, with petrol selling for nearly Rs95 per litre and diesel for almost Rs84 per litre.

In the internaional market, oil prices slipped on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while United States stimulus hopes buoyed prices.

On Friday, fuel prices in India were raised to new all-time highs by state-owned oil marketers.

The price rise started again only on January 6.Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.

This is the second consecutive day of rate increase and the fourth this week. They vary from state to state depending on the incidence of local taxes.

Other reports by Click Lancashire

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