Petrol, diesel prices breach record high levels

New Delhi, Jan 19 : Petrol and diesel prices rose again by 25 paise per litre each on Tuesday after oil marketing companies decided to continue the upward price revision of auto fuels in the wake of enlarging under recovery on sale of the two products.
The increase in the pump price of petrol and diesel has come on a day when global oil prices gave a glimpse of softening with crude falling below $ 55 a barrel after almost a week of hovering above that range.
With Tuesday’s increase, petrol is being sold at Rs 85.20 a litre in Delhi from the previous day price of Rs 84.95 a litre. Similarly, diesel prices also increased to Rs 75.38 a litre, up from previous day’s level of Rs 75.13 a litre.
Across the country as well pump price of petrol and diesel increased but the quantum of the rise varied from state to state depending on the level of taxation on the two petroleum products.
The last two days of increase in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.
The current price rise is largely on account of steep increase in the central taxes of petrol and diesel as crude prices are still below $ 55 a barrel.