After climbing 16 times during the month of May, prices of petrol and diesel remained unchanged after they were hiked yet again on Tuesday, June 1, 2021. Meanwhile, in the global markets, Brent was trading at USD 71.00 per barrel, while the West Texas Intermediate (WTI) was trading at USD 68.44 per barrel.
Both key fuel prices are touching fresh record highs across the country on June 2, after breaching the Rs 100-mark in cities such as Mumbai. Petrol prices have gone past the century mark for the first time ever in the western metropolis and it not only makes it among the costliest in the country, but almost twice the price of its equivalent in New York, cncbctv18.com reported. Their report which further cited data from Indian Oil Corporation (IOC) stated that retail fuel prices are up by 11 percent this year and reached Rs 100.47 (USD 1.39) a litre on May 31, 2021.
Today’s Petrol price:
- Delhi: Rs 94.49 per litre
- Kolkata: Rs 94.50 per litre
- Chennai: Rs 95.99 per litre
- Mumbai: Rs 100.72 per litre
Today’s Diesel Price:
- Delhi: Rs 85.38 per litre
- Kolkata: Rs 88.23 per litre
- Chennai: Rs 90.12 per litre
- Mumbai: Rs 92.69 per litre
Also, the consolidation in global crude oil rates following trends from the international markets as OPEC and its allies meet to discuss the production output have resulted in this hike. It is also an indication that state-run oil companies may continue to hike fuel prices for a longer period.
After the hike on June 1, 2021, petrol prices are now retailing in the high 90s in most districts across the country and such rising fuel costs could derail economic recovery momentum as it has a direct impact on demand for other commodities.
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