Petrol,diesel prices in India touch new high

Petrol and diesel prices scaled new highs across the metros in India on Thursday, February 11, after oil marketing companies increased the rates by up to 30 paise for the third straight day.

The price of petrol was hiked by 25 paise from Rs.87.60 per litre to Rs 87.85 per litre, and diesel was increased by 30 paise from Rs.77.73 per litre to Rs.78.03 per litre in Delhi, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel rates stood at Rs.94.36 per litre and Rs.84.94 per litre respectively, the highest among all four metros.

Petrol and diesel prices have recorded an upswing since January 6, 2021 after staying unchanged for almost a month. The fuel rates have increased amid a rally in global crude oil prices, with COVID-19 vaccination drives beginning across the world.

Oil marketing companies – Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.