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Monday,01-March-2021

Business

Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26

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Petrol

Petrol and diesel prices rose sharply again on Saturday reaching new all-time highs as oil marketing companies (OMCs) decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

Accordingly, the pump price of petrol increased between 22-25 paisa per litre across all major metros on the day while diesel prices increased in the range of 24-26 paisa per litre.

With this, petrol is now priced at Rs 85.70/litre in Delhi as against Rs 85.45 a litre previously. Similarly, in Mumbai petrol prices increased to Rs 92.28 a litre, a 24 paisa increase from Friday’s price of Rs 92.04 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.29 and 87.11 a litre respectively, an increase of 22 and 24 paisa per litre from the previous day’s.

Diesel on the other hand faced sharper increase, rising by 26 paisa a litre in Mumbai from Friday’s level of Rs 82.40 a litre to Saturday’s retail price of Rs 82.66 a litre. In Delhi, diesel rose 25 paisa per litre to Rs 75.88 a litre; in Chennai by 24 paisa per litre to Rs 81.14 a litre and in Kolkata by 25 paisa per litre to Rs 79.48 a litre.

The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than 1 per cent to close to $55 a barrel. Crude price have remained firm for last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The increase petrol and diesel prices is fourth such revision this week. The auto fuels had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise for last two days.

With Saturday’s revision, the pump price of petrol and diesel has now increased by Rs 1.99 and Rs 2.01 per litre, respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on six different days since then.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

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 loss on sale of auto fuels.

Business

Petrol and diesel prices remain unchanged on Monday

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Petrol

The rise in the petrol and diesel price has paused for the last couple of days as oil marketing companies have decided to wait and watch the developments on the global oil market before finalising their India retail strategy.

Accordingly, oil marketing companies kept the pump price of petrol and diesel unchanged on Monday. With this, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital.

Across the country as well the petrol and diesel prices remain unchanged.

Sources in OMCs said that price pause on Monday followed subdued movement in product price in global markets. The crude oil, which has been on fire for the last couple of weeks has also shown some downward movement lately but staying above $65 a barrel now.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol price is just Rs 2.4 per litre short (Rs 97.57 a litre) of touching the three digit mark of Rs 100 per litre for the very first time ever. Diesel price in the city is closing on Rs 90 a litre (Rs 88.60 a litre).

In all other metros, petrol is over Rs 90 a litre-mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre-mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

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

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Business

Hyundai Motor India’s overall February sales over 26%

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Hyundai Motor India on Monday reported a growth of 26.4 per cent in its overall sales including exports during February.

The company’s overall sales grew to 61,800 units from 48,910 units sold during February 2020.

Similarly, the company’s domestic sales rose during the month under review.

It edged higher by 29 per cent to 51,600 units from 40,010 units sold during the corresponding month of the previous year.

Similarly, exports increased and it rose by 14.6 per cent to 10,200 units from 8,900 units shipped out during February 2020.

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Business

Manappuram Finance board mulls debt securities

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Manappuram Finance on Monday said that its Board of Directors is likely to consider and approved the issuances of debt securities this month.

In a regulatory filing, the company said that it is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore or offshore securities market by public issue, on private placement basis or through issuing commercial papers.

“Based on the prevailing market conditions, the Board of Directors and / or Financial Resources and Management Committee / Debenture Committee of the Board of Directors of the company may consider and approve issuances of debt securities during the month of March, 2021, subject to such terms and conditions including the issue price of debt securities, as the Board / respective Committee may deem fit,” it said.

Around 1.15 p.m., its shares on the BSE were trading at Rs 173.50, lower by Rs 2.70 or 1.53 per cent from its previous close.

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