The rise in crude oil prices may dent marketing margins if not passed on, however, some say OMCs may have a cushion to absorb
Demand for petrol is now higher than last year, while demand for diesel continues to lag behind
The current price of petrol in Delhi is nearly 60 paise short of breaching the all- time high of Rs 84 per litre recorded in October 2018
Petrol price breached the Rs 83-a-litre mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in a fortnight
In nine days, petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67.
The Indian basket crude oil touched $47.41 a barrel on November 26 as against average crude oil prices of $41 a barrel in the first fortnight of November this year
This is the first revision in petrol prices since September 22. Diesel rates hadn't changed since October 2.
Even as consumers continue to pay higher prices for petrol and diesel, country's OMCs are expected to reap in higher margins on sale of the two products substantially improving their profitability
Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel in the coming week and provide relief to them ahead of Diwali
Sales by India's top three fuel retailers rose 8.8 per cent from a year earlier during the first half of October to 2.65 million tons, according to preliminary figures
After petrol, diesel demand has returned to pre-Covid-19 levels as sales rose 8.8 per cent in the first half of October from a year ago, preliminary industry data showed
Refiners are expected to focus on making less diesel and more gasoline and petrochemicals to respond to changing demand
Diesel price remained unchanged across the four metro cities on Saturday after falling for two consecutive days.
India's petrol sales rose 2 per cent in September - the first increase since the country's lockdown in late March - signalling demand returning to pre-Covid-19 levels
Petrol sales by state retailers recovered to their level before the coronavirus pandemic for the first time since March
Diesel price on Saturday fell below Rs 73 a litre mark while petrol saw a second reduction in rates in six months, according to state-owned fuel retailers
Diesel price was cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre
In Delhi, petrol was priced at Rs 82.03, higher by 9 paise from Rs 81.94 on Saturday
In Kolkata, petrol was sold for Rs 83.01, higher by 14 paise from its previous level of Rs 82.87 per litre
Petrol prices were raised by 16 paise in Delhi to Rs 81.35 a litre; in Mumbai, it stands at Rs 88.02 a litre