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Petrol today retailed at  ₹81.70 in Delhi
Petrol today retailed at 81.70 in Delhi

Petrol, diesel prices go up today, sixth hike in seven days

  • Crude oil prices in global markets today rose for fifth straight day
  • Over seven days, petrol rates have been raised by 64 paise in Delhi and diesel by 1.16 per litre

Petrol and diesel prices were increased today, the sixth hike in seven days. In Delhi, petrol today retailed at 81.70, up 11 paise from Wednesday's price of 81.59 per litre. In Mumbai, Chennai and Kolkata petrol retailed at 88.40, 84.74 and 83.26 respectively.

Diesel prices were hiked by 21 paise to 71.62 per litre in Delhi today. In Mumbai, Chennai and Kolkata, diesel retailed at 78.12, 77.08 and 75.19 respectively.

Over seven days, petrol rates have been raised by 64 paise in Delhi and diesel by 1.16 per litre. The recent hikes are the first revision in petrol prices since September 22. Diesel rates had not changed since October 2.

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.

Crude oil prices in global markets today rose for a fifth day after a surprise fall in US crude inventories gave further legs to the recent rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels.

Brent futures were up 45 cents, or 0.9%, at $49.06 a barrel, having gained 1.8% on Wednesday.

Brent futures are up 9% this week, getting a boost after AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, adding to the potential armoury to end the worst pandemic in a century.

US oil stockpiles fell 754,000 barrels last week, data showed, higher than analysts expectations of a 127,000-barrel rise.

US President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday in the face of the surging coronavirus pandemic. (With Agency Inputs)

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