Home Articles Petrol, diesel prices go up today after nearly two months
KEY STORY
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Petrol prices were today hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision.
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Petrol price in Delhi was hiked to ₹81.23 per litre from ₹81.06, according to a price notification from oil marketing companies. Diesel rates went up from ₹70.46 to ₹70.68 per litre.
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In Mumbai, the petrol price on Friday was raised to ₹87.92 per litre from ₹87.74, while diesel rates went up from ₹76.86 to ₹77.11.
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Petrol now costs ₹84.31 in Chennai and ₹82.79 in Kolkata. Diesel costs ₹76.17 per litre in Chennai and ₹74.24 in Kolkata.
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This is the first revision in petrol prices since September 22, according to Press Trust of India. Diesel rates hadn’t changed since October 2.
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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.
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They have, however, restored to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.
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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 a 52-day status quo between March 17 and June 6.
CONCLUSION
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Global oil benchmark Brent crude prices were little changed today but were on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped gains.
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Prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check have bolstered oil markets this week.Brent crude futures were up 2 cents, or 0.05% at $44.22 a barrel.
