Petrol, Diesel prices rise for the 6th consecutive day, Brent Crude slips 0.41%/brl

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Bhubaneswar: Even as the benchmark Brent Crude price slip by 0.41 per cent in the international market, domestic oil prices have continued rise for the 6th consecutive day on Monday.

Oil marketing companies on Monday raised Petrol and Diesel prices by 30-33 paise and 25-31 paise per litre respectively.  After this hike, Petrol prices increased to Rs.83.71 and Diesel price increased to Rs.73.87 in Delhi. With this hike, the fuel prices have come closer to the all time high levels recorded in October 2018.

In October 2018, petrol price in Delhi had breached the Rs.84 mark for the first time ever. Ironically, the record domestic oil prices come at a time when the global crude oil prices are almost USD 30 less than the price in October 2018.

After today’s hike Petrol and Diesel prices in Mumbai have increased to Rs.90.34 and Rs.80.51 respectively. Similarly the prices have reached Rs, 84.34 and Rs.80.46 in Bhubaneswar.

Yesterday, union Petroleum Minister Dharmendra Pradhan had attributed the continuous hike in domestic oil prices to the rise international crude oil prices and the US elections.

“There has been a rise in fuel prices in the international market because of recent elections in America and other reasons. Recently, OPEC has decided to increase production. We expect the fuel prices to stabilize soon” said Pradhan.

In the international market, the Brent Crude prices dropped by 0.41 per cent  to USD 49.05 per barrel. Similarly, the Indian basket has increased by 1.88 per cent to USD 48.18 per barrel.

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