State-run oil marketing companies hiked the petrol and diesel prices again on Thursday, i.e. January 7, 2021. The fuel rates have now been raised for two consecutive days after a gap of 29 days. In the national capital, the price of petrol was hiked by 23 paise to Rs 84.20 from Rs 83.97 per litre and diesel was increased by 26 paise to Rs 74.38 from Rs 74.12 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, petrol and diesel prices stood at Rs 90.83 per litre and Rs 81.07 per litre respectively. The fuel rates in the financial capital are the highest among the four metros across the country. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
The oil marketing companies – Indian Oil, Bharat Petroleum, and Hindustan Petroleum align the domestic fuel prices with that of global benchmarks by taking into account any revisions in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state in the country due to the value-added tax (VAT).
Meanwhile, oil prices were steady on Thursday, with investors focusing on the likelihood of tighter supplies after Saudi Arabia unilaterally agreed to cut output.
Brent crude was up 8 cents at $54.38 a barrel by 0125 GMT, after gaining 1.3 per cent overnight. U.S. West Texas Intermediate (WTI) gained 11 cents to $50.74, having slipped earlier in the Asian session. The contract rose 1.4 per cent on Wednesday.