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Sunday, December 06, 2020

Petrol, diesel price hiked for second day in a row

This is the first revision in petrol prices since September 22. Diesel rates had not changed since October 2.

By: ENS Economic Bureau | New Delhi | November 22, 2020 12:36:30 am
Petrol Price, Petrol Price Hike, Diesel Price, Diesel Price Hike today, Delhi petrol price, International Oil Prices, Indian Express News,In nine days, petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67.(Source: Bloomberg)

Petrol price on Saturday was hiked by 15 paise per litre and diesel by 20 paise, the second straight day of increase in rates after firming international oil rates broke nearly a two-month-long hiatus in price revision.

The price of petrol in Delhi was hiked to Rs 81.38 per litre from Rs 81.23, according to a notification from oil marketing companies.

Diesel rates went up from Rs 70.68 to Rs 70.88 per litre.

On Friday, petrol price was raised by 17 paise per litre and diesel by 22 paise.

This is 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.

They have, however, resorted to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.

The 58-day hiatus in petrol price revision and the 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and a 85-day status quo between March 17 and June 6.

– With PTI

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