Home / News / India /  Petrol, diesel prices today raised for third day in a row

Petrol and diesel prices in India were hiked for the third straight day amid firming global rates. In Delhi, petrol rates were hiked by 8 paise per litre and diesel by 19 paise, the third straight day of increase in rates as the firming international oil rates broke a nearly two-month-long hiatus in price revision.

Petrol price in Delhi was today hiked to 81.46 per litre from 81.38 while diesel rates went up from 70.88 to 71.07 per litre. In Mumbai, the petrol price was raised to 88.16 per litre, from 88.09, while diesel rates went up from 77.34 to 77.54.

In Chennai, petrol retailed at 84.53 per litre while diesel at 76.55 while in Kolkata petrol at 83.03 and 74.64.

State-owned fuel retailers started raising fuel prices from Friday after a long gap. In three days, petrol price has gone up by 40 paise and diesel rates have risen by 61 paise per litre.

Before that petrol prices had remained unchanged since September 22, and diesel rates hadn't changed since October 2.

Oil prices rose about 1% on Friday, posting a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials though renewed lockdowns in several countries to limit the spread of the coronavirus capped gains. Brent crude futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel, the benchmark gaining about 5% this week.

Prospects for effective COVID-19 vaccines have bolstered oil markets this week. Pfizer Inc said it has applied to U.S. health regulators on Friday for emergency use authoritization of its vaccine, the first such application in a major step toward providing protection against the new coronavirus.

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.

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. (With Agency Inputs)

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