Petrol, diesel prices hiked for the sixth consecutive day, reach two-year high

Petrol and diesel prices were hiked for the sixth straight day on Monday across all metro cities. The hike of 30 paise per litre on petrol 26 paise per litre on diesel led the fuel prices reach two-year high.

After the latest hike, petrol price in Delhi now stands at ₹83.71 per litre. Diesel prices have also been revised to ₹73.87 per litre, according to notifications from Indian Oil Corporation.

Fuel prices across the country has witnessed a steady revision in the last 16 days due to firming international oil prices. The current prices of petrol and diesel are the highest Delhi has seen since September of 2018. Oil Companies had resumed daily revision of fuel prices on November 20 after a hiatus of around two months.

In Delhi, petrol prices have gone up by ₹2.37 per litre while diesel rates have been upped by ₹3.12 per litre in the last 16 days.

In Mumbai, petrol will no cost ₹90.34 per litre and diesel will cost ₹80.51 per litre. On Sunday, petrol and diesel prices in Mumbai had shot past ₹90 per litre and ₹80 per litre.

In Kolkata, petrol price has gone up to ₹85.19 per litre and the price of diesel has increased to ₹77.44 per litre. In Chennai, petrol and diesel will now cost ₹86.51 per litre and ₹79.21 per litre, respectively.

PTI adds:

Prior to the November 20 hike in rates in India, petrol prices had been static since September 22 and diesel rates hadn't changed since October 2.

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.

They had, 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 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.