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Petrol today retailed at  ₹81.89 in Delhi
Petrol today retailed at 81.89 in Delhi

Petrol, diesel prices raised for seventh time in eight days

  • Over eight days, petrol rates have been raised by 83 paise in Delhi and diesel by 1.4 per litre

Petrol and diesel prices were increased today, the seventh hike in eight days. In Delhi, petrol today retailed at 81.89, up 19 paise as compared to previous day's price of 81.70. In Mumbai, Chennai and Kolkata petrol retailed at 88.58, 84.91 and 83.44 respectively.

Diesel prices were hiked by 24 paise to 71.86 per litre in Delhi today. After the latest hike, diesel retailed at 78.38 in Mumbai, 77.30 in Chennai and 75.43 in Kolkata.

Over eight days, petrol rates have been raised by 83 paise in Delhi and diesel by 1.4 per litre. The recent hikes are the first revision in petrol prices since September 22. Diesel rates had not changed since October 2.

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 an 85-day status quo between March 17 and June 6.

Public sector oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.

Global oil prices were lower today but for this week are sharply higher. Brent crude was down by 10 cents at $47.70 amid concerns about oversupply. But for the week the global oil benchmark has risen about 6% this week, after AstraZeneca earlier announced that its COVID-19 vaccine could be up to 90% effective, adding to successful trial results of other two drugmakers' vaccines.

(With Agency Inputs)

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