Petrol, diesel prices go up again amid rising global oil prices

Petrol and diesel prices have become more expensive on Friday. Oil companies announced today the price of petrol price has gone up by another 19 paise per litre. Price of diesel on the other hand has received a hike of 24 paise per litre.

The latest hike in petrol and diesel prices have pushed them closer to the ₹82-per-litre mark. In Delhi, price of petrol has now been revised to ₹81.89 per litre. The price of petrol in Delhi was at ₹81.70 per litre on Thursday.

Diesel price in Delhi also has been revised to ₹71.86 a litre, up from ₹71.62 a litre on Thursday.

Fuel prices have been on the rise since last Friday after a nearly two-month-long hiatus in the fuel price revision. The prices increased for five consecutive days, with the only exception on Wednesday.

In five days, petrol price has gone up by 53 paise and diesel rate has risen by 95 paise per litre. With Friday's increase, petrol price has now risen by 83 paise per litre and diesel by ₹1.40 a litre since last Friday.

Petrol price had been static since September 22, and diesel rate hadn't changed since October 2.

Though the retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent the volatility in the international oil markets from impacting the fuel prices regularly during the pandemic.

The oil companies need almost 40 paise per litre increase in the retail price of petrol and diesel to cover for $ 1 increase in crude. Going by this yardstick, the product prices would have to be increased by up to ₹2 per litre to cover the under recovery on its sale.