Petrol, diesel prices go up for fifth day in a row1 min read . Updated: 24 Nov 2020, 05:36 PM IST
In Delhi, petrol prices raised by 6 paise to 81.59 per litre. After today's price hike, in Mumbai, Chennai and Kolkata, petrol retailed at ₹88.29 per litre, ₹84.64 and ₹83.15 respectively
Petrol and diesel prices in India were raised for the fifth day in a row amid firming global crude prices. In Delhi, petrol prices raised by 6 paise to 81.59 per litre. After today's price hike, in Mumbai, Chennai and Kolkata, petrol retailed at ₹88.29 per litre, ₹84.64 and ₹83.15 respectively.
Similarly, diesel prices in Delhi was raised by 16 paise to ₹71.41 per litre. In Mumbai, Chennai and Kolkata, diesel retailed at ₹77.90, ₹76.88 and ₹74.98 respectively.
In five days, petrol prices have been hiked by 53 paise per litre while diesel by 95 paise. The recent hikes are the first revision in petrol prices since September 22. Diesel rates had not changed since October 2.
Global crude prices today hit its highest since in March, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and US President-elect Joe Biden received the go-ahead to begin his transition.
AstraZeneca said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna.
Also supporting oil and wider financial markets, US President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden's administration.
Meanwhile, OPEC+, as the group is known, is expected to roll over current cuts into 2021 at meetings on Nov. 30-Dec. 1, following technical talks this week.
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.