Petrol, diesel prices hiked for third straight day

Petrol price on November 22 was hiked by 8 paise per litre and diesel by 19 paise, the third straight day of increase in rates as the firming international oil rates broke a nearly two-month-long hiatus in price revision.

Petrol price in Delhi was hiked to Rs.81.46 per litre from Rs.81.38, according to a price notification from oil marketing companies.

Diesel rates went up from Rs.70.88 to Rs.71.07 per litre.

State-owned fuel retailers started raising fuel prices from Friday. In three days, petrol price has gone up by 40 paise and diesel rates have risen by 61 paise per litre.

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, 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.

In Mumbai, the petrol price on Sunday was raised to Rs 88.16 per litre, from Rs 88.09, while diesel rates went up from Rs 77.34 to Rs 77.54.

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