Oil Marketing companies have yet again increased the prices of petrol and diesel, counting fourth time in a row. People have already been raising their concern with the increasing prices of pertrol and diesel every now and then.
According to the information given by the IOCL mobile app, the petrol can now be accessed at Delhi for Rs 76.13 per litre in Delhi. The petrol is being sold today for Rs 83.52, Rs 78.80, and Rs 79.01, respectively, in Mumbai, Kolkata and Chennai.
The mobile app IOCL mentions, the diesel price in Delhi is Rs 67.86 per litre. In Mumbai, Kolkata and Chennai, diesel is available at Rs 72.00, Rs 70.41 and Rs 71.63 per litre, respectively.
Talking to the media about the hike in fuel prices, IOC chairman Sanjiv Singh stated: “We had not changed prices for a few days in anticipation Opec decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue.”
While the Opec last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a 4 November deadline in a bid to choke the Persian Gulf state’s economic lifeline with sanctions over its nuclear programme.
Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.
The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-Opec decision and oil companies have to “adjust retail rates accordingly”.