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Business News/ News / India/  Petrol price breach 83 per litre-mark in Delhi for first time in 2 years
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Petrol price breach ₹83 per litre-mark in Delhi for first time in 2 years

Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies.

Petrol price in Delhi rose to ₹83.13 per litre from ₹82.86. Diesel rates went up from ₹73.07 to ₹73.32 per litre. (Reuters)Premium
Petrol price in Delhi rose to 83.13 per litre from 82.86. Diesel rates went up from 73.07 to 73.32 per litre. (Reuters)

Petrol price on Saturday breached the 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight.

Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies.

Petrol price in Delhi rose to 83.13 per litre from 82.86. Diesel rates went up from 73.07 to 73.32 per litre.

This is the highest rate for petrol and diesel since September 2018 and followed the 13th increase in rates since November 20 when oil companies resumed daily price revision after nearly a two-month hiatus.

In 16 days, the petrol price has gone up by 2.07 per litre and diesel rate has risen by 2.86.

Brent crude oil is up 34 per cent from lows in end-October 2020 driven by hope that COVID-19 vaccines would lead to demand recovery.

"The oil price surge is despite a second wave of Covid in Europe and US (which has led to demand recovery reversal), and surge in Libyan oil output from 0.1 million barrels per day (bpd) to 1.25 million bpd," it said.

Public sector oil marketing companies - Indian Oil Corporation (IOC), 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.

In Mumbai, the petrol price on Friday was raised to 89.78 per litre from 89.52, while diesel rates went up from 79.66 to 79.93.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

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Published: 05 Dec 2020, 12:34 PM IST
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