Fuel rates January 14: Petrol, diesel prices break record in Delhi, reach record high

Petrol Price January 14 2021: Petrol prices in Delhi reached a new level of Rs 84.70 on Thursday after oil marketing companies decided to break the momentary pause the wake of a sudden spike in the global oil prices. If the price continues to rise, then by the end of this week, prices will touch Rs 85. 

Accordingly, in Mumbai, petrol prices have been hiked by 25 paise from the previous day. On Wednesday, petrol prices in the city crossed Rs 91.

So far in January, petrol prices have increased by Re 1 rupee, while diesel has become expensive by more than one rupee. As on Thursday, petrol is priced at Rs 84.70 in Delhi, Rs 91.32 in Mumbai, Rs 86.15 in Kolkata and Rs 87.40 per litre in Chennai.

Petrol prices in 4 metro cities

• Delhi: Rs 84.70
• Mumbai: Rs 91.32
• Kolkata: Rs 86.15
• Chennai: Rs 87.40

Similarly, the rate of diesel has been increased to Rs 74.88 in Delhi, Rs 81.60 in Mumbai, Rs 78.47 in Kolkata and 80.19 per litre in Chennai.

Diesel price in 4 metro cities

• Delhi: Rs 74.88
• Mumbai: Rs 81.60
• Kolkata: Rs 78.47
• Chennai: Rs 80.19

Auto fuel price rise was on hold for a few days after the petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities.

But, the OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia`s decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on the sale of auto fuels.