Given the daily price increases, the milestone may be achieved early next week.
With Sunday's increase, fuel prices have now increased on 14 of the past 17 days, with petrol prices rising by a total of Rs 2.35 per litre and diesel by Rs 3.15 a litre. The increase has been primarily on account of firming up of global oil and product prices following news about coronavirus vaccine.
Petrol prices had been static since September 22, and diesel rates hadn't changed since October 2.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
But with crude on the boil again in the wake of news about coronavirus vaccine launch soon, OMCs finally lost their patience and effected price increases to cover up for their under-recovery on the sale of two petroleum products.
The benchmark Brent crude has crossed $48 a barrel on Intercontinental Exchange (ICE) lately. It has remained t over $44 a barrel for most part of November.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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