The stocks of oil marketing companies (OMCs) slipped 1-2 percent in the early trade on January 27 after petrol and diesel prices touched new high.
The retail price of petrol scaled a new high in Delhi on January 27 with oil marketing companies (OMCs) raising the prices by 25 paise a litre to Rs 86.30. Similarly, prices of diesel also increased by 25 paise to Rs 76.48 a litre.
In Mumbai, diesel prices touched a record high of Rs 83.30 a litre, while petrol was seen at Rs 92.86 a litre, up 27 paise and 24 paise, respectively.
Diesel prices had touched an all-time high of Rs 81.94 a litre in Delhi on July 20, 2020.
So far, in the month of January, petrol prices were hiked Rs 2.59 a litre and diesel by Rs 2.61 a litre in Delhi. On the other hand, in Mumbai, petrol prices jumped Rs 2.52 a litre and diesel by Rs 2.79 a litre since January 1.
It was on January 6 only that OMCs raised fuel prices after a gap of 29 days.
Though there were speculations of an excise duty cut, the government is yet to take a final call on this. The ministry of petroleum and natural gas had requested the finance ministry to cut taxes after prices started rising in the month of January.
During the current financial year, taxes on petrol and diesel were raised by Rs 13 and Rs 16, respectively, in the form of special additional excise duty and road and infrastructure cess.
In the international market, oil prices climbed on Wednesday after industry data showed US crude stockpiles fell unexpectedly last week and China, the world’s second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand.
US West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2%, to $52.71 a barrel, reversing some of Tuesday’s loss.
Brent crude futures climbed 11 cents, or 0.2%, to $56.02 a barrel, adding to a small gain on Tuesday.
At 09:51 hrs Indian Oil Corporation was quoting at Rs 90.90, down Rs 2.55, or 2.73 percent, Hindustan Petroleum Corporation was quoting at Rs 216.25, down Rs 3.95, or 1.79 percent and Bharat Petroleum Corporation was quoting at Rs 384.50, down Rs 2.80, or 0.72 percent on the BSE.
Also, Oil and Natural Gas Corporation was quoting at Rs 90.25, down Rs 1.10, or 1.20 percent on the BSE.