Petrol, diesel prices rise for the fourth consecutive day

Petrol and diesel price continue to rise in India for the fourth straight day now. The price of petrol has been increased by 7 paise per litre today. Diesel price witnessed a hike of 20 paise per litre.

The price of petrol and diesel now stand at ₹81.53 per litre and 71.25 per litre respectively in Delhi after the latest hike. On Sunday, the price of petrol in Delhi was ₹81.46 per litre, and diesel price was at ₹71.07 per litre.

The price of petrol and diesel remained constant for almost the entire last two months till last Friday when the oil companies decided to start revising prices on a daily basis once again.

Since the slew of hikes began on November 20, the price of petrol has gone up by 46 paise per litre and diesel price has gone up by 80 paise per litre across the country.

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

In Mumbai, petrol prices also went up by 7 paise which is why the rates are now ₹88.23 per litre, while diesel is priced at ₹77.73 per litre with a hike of 19 paise. In Bengaluru and Hyderabad, petrol prices went up by 7 paise to ₹84.25 per litre and ₹84.80 per litre, while diesel rates hiked to ₹75.53 per litre and ₹77.75 per litre, respectively. Both petrol and diesel now cost ₹83.10 per litre and ₹74.82 per litre in Kolkata, respectively.

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 to avoid volatility in retail prices.

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 an 85-day status quo between March 17 and June 6.