Petrol, diesel prices go up today after nearly two months, Check latest price here
INDIA: Petrol prices were today hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision. Petrol price in Delhi was hiked to ₹81.23 per litre from ₹81.06, according to a price notification from oil marketing companies. Diesel rates went up from ₹70.46 to ₹70.68 per litre.
In Mumbai, the petrol price on Friday was raised to ₹87.92 per litre from ₹87.74, while diesel rates went up from ₹76.86 to ₹77.11.
Petrol now costs ₹84.31 in Chennai and ₹82.79 in Kolkata. Diesel costs ₹76.17 per litre in Chennai and ₹74.24 in Kolkata.
This is the first revision in petrol prices since September 22, according to Press Trust of India. Diesel rates hadn’t changed since October 2.
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Public sector oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.
They have, however, restored to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.
The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates was preceded by no change in rates between June 30 and August 15 and a 52-day status quo between March 17 and June 6.
Global oil benchmark Brent crude prices were little changed today but were on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped gains.
Prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check have bolstered oil markets this week. Brent crude futures were up 2 cents, or 0.05% at $44.22 a barrel.
Note that every dollar increase in the price of crude results in the retail price of petrol and diesel going up by up to 40 paisa per litre. This would mean that the fuel prices should be up by at least Rs 1.20 per litre by now. However, oil companies have kept fuel prices static even when there was a need to revise it downwards last month.
(With Agency Inputs)
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