Second straight day of hike in petrol, diesel prices

The price of petrol in Delhi was hiked to ₹81.38 per litre from ₹81.23, according to a notification from oil marketing companies. Diesel rates went up from ₹70.68 to ₹70.88 per litre.

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

Also read: Petrol price up 25 paise, diesel 21 paise; total increase of ₹9.12, ₹11.01 in 3 weeks

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.

Also read: Diesel price hits record high after rates hiked for 14th day in a row; petrol up 51 paise

In Mumbai, the petrol price on Friday was raised to ₹88.09 per litre from ₹87.92, while diesel rates went up from ₹77.11 to ₹77.34.

Rates vary from state to state depending on the incidence of local sales tax or VAT.