State fuel retailers raised prices for diesel for 25 paise per liter and for gasoline for 20 paise per liter on Tuesday. In Delhi, diesel now costs Rs 89.57 and gasoline Rs 101.39 per liter. Cooking gas prices are also likely to rise when companies revise rates in early October.
The rise in the price of oil, 55% since the beginning of the year, is another sign of the energy crisis that has shaken the world. Coal prices have doubled in Asia and natural gas prices have tripled in Europe and the United States in one year. Rates for spot LNG delivered in Asia have risen to $ 30 per mmBtu from less than $ 2 at the start of the pandemic last year.
Stock depletion, the slow resumption of US supply hit by recent storms, and the inability of some OPEC members to rapidly ramp up production to meet their improved production quota due to underinvestment last year have all contributed. to a tighter market, according to analysts.
At the same time, economies are reopening with growing demand for transportation and industrial fuels. Record gas and coal prices are also driving consumers to switch to oil, creating additional demand. Goldman Sachs has forecast a price of $ 90 a barrel for the end of the year.