According to the IOCL, a single liter of gasoline in Delhi now costs more than 100 rupees. At the same time, the price of diesel was raised to 89 rupees per liter.
File photo of a gas pump in New Delhi (Photo Credits: PTI)
HIGHLIGHTS
- Gasoline sells for over 100 rupees per liter in a number of cities
- Fuel prices are likely to rise even higher than they already are due to the failed OPEC + deal
- I had very good talks with OPEC, said Minister Dharmendra Pradhan last week
Gasoline prices exceeded 100 rupees per liter in New Delhi on Tuesday. A liter of gasoline now costs 100.21 rupees in the state capital, while a liter of diesel costs 89.53 rupees.
The latest prices were released Tuesday by the Indian Oil Corporation (IOCL).
Over the past month, fuel prices have increased every other day. Government oil marketers have increased the frequency of interest rate hikes due to firmer international crude oil prices.
Domestic fuel prices have been rising since the first week of May. According to reports, gasoline and diesel prices were down Hiked up to 35 times During this time.
Gasoline has sold for over 100 rupees per liter in at least two dozen cities, including Mumbai. On July 5th, a single liter of gasoline was sold in Mumbai for 106 rupees per liter.
READ: Fuel prices burn a hole in people’s pockets as gasoline surpasses Rs 114 in Rajasthan
More worryingly, fuel prices are likely to rise even higher than they already are. This would be the result of the Failure of OPEC + to reach an agreement on performance levels for a third time. OPEC + refers to the organization of petroleum exporting countries and their allies.
Just last week, Oil Minister Dharmendra Pradhan said he was holding talks with oil-producing countries.
“I convince my producing countries and have had very good discussions with OPEC. An OPEC meeting is supposed to take place there in the next few days, and so do I. hope the price is a bit sober“Said the minister at an online event.
Minister Dharmendra Pradhan also said that in recent months the cheap oil stored in refineries and pipelines has been used up.
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