Diesel prices hiked by 87 paise in India while Petrol becomes dearer by 36 paise

As a part of fortnightly review of retail prices of petrol and diesel by Oil Marketing Companies (OMCs) in India, Petrol becomes dearer by 36 paise while Diesel is costlier by 87 paise from Sunday midnight. The rise in prices driven by increased oil prices in international market and impact of USD to INR exchange rate in FOREX markets.

 

 

As retail prices of Petrol and Diesel in India are de-regularized by the government, revision takes prices on 1^st and 16^th day each month. All three major state owned OMCs – Indian Oil Corp (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) fixed prices based on average fortnightly impact of global oil price movement and foreign exchange rate.

As a result of recent price hike, Petrol would cost at ₹61.06 per litre in Delhi while Diesel price will be ₹46.80 per litre. 

You may like to read   More than 2,000 solar powered fuel outlets in India by year end

Onion prices reaches record high crossing Rs.4,000 per quintal

Onion prices are breaking newer record day by day creating panic among consumers. On Wednesday at Lasalgaon Agriculture Produce Marketing Committee (APMC) market in Nashik, it crossed Rs.4,000 per quintal making seasonal high. Onion production this year suffered due to damaged crop driven by unseasonal rains.  As a result, supply pressure are pushing onion prices higher.

Governments all over nation are facing ire of common man as Onion has become one of the basic need item. As a result, import of about 10,000 tonnes of onion from countries like China, Egypt and Pakistan has already under consideration while Delhi Government is providing subsidy for onion.

As next crop of onion will hit the market not earlier than December; prices of onion are likely to remain high. Supply from imports may help to ease prices to some extent in coming days if customer accepts quality of imported onion.