NEW DELHI: After six days of consecutive hikes, the price of petrol and diesel was left unchanged today. Following a spike in crude oil rates, which are now trading around $64 a barrel, retail prices of petrol has increased by around ₹2 a litre this month. Petrol is already at its highest rate this year.
In New Delhi, a litre of petrol costs ₹74.76 a litre and diesel ₹65.73. In Mumbai, petrol is priced at ₹80.42 and diesel ₹68.94. In Bengaluru, petrol comes for ₹77.32 and diesel ₹67.97. If you are in Noida, you have to pay ₹76.10 for petrol and ₹ 66.04 for diesel. In Gurgaon, petrol is charged at ₹ 74.31 and diesel ₹ 65.08.
In new regulations that could impact the fuel retail market in India, the government has relaxed rules for setting up petrol pumps in India and allowed even non-oil companies to open petrol pumps.
The detailed regulations, released yesterday, said that an entity needs to set up at least 100 retail outlets, out of which at least 5% should be in remote areas. Currently, three three-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), own most of the petrol pumps.
Brent crude futures had spiked by about 1% yesterday and this morning it dropped 19 cents, or 0.3%, to $64.08 a barrel. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.29%, to $58.24 per barrel.
Crude has been rising since early October and is now on a two-month high.