Petrol price up 17 paise, diesel 22 paise after two-month hiatus

Petrol, Diesel Prices Rise After Two Months; Daily Price Revision To Again Become The Norm

Petrol, diesel prices hiked for the first time in two months

Petrol price in Delhi was today hiked to ₹81.46 per litre from ₹81.38 while diesel rates went up from ₹70.88 to ₹71.07 per litre. In the national capital, petrol is being sold for Rs. 81.23 per litre, an increase of 17 paise from the last price, while diesel quotes at Rs. 70.68, which marks an increase by 22 paise.

The Oil Marketing Companies (OMCs) in India such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation - follow benchmark global oil price and foreign exchange rate to revise rates of petrol and diesel on a daily basis.

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 worldwide oil price and foreign exchange rate. Diesel costs Rs 76.17 per litre in Chennai and Rs 74.24 in Kolkata. 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 global oil price and foreign exchange rate. Nonetheless, even when the trend required prices to be brought down, oil retailers continued with the same prices and now they can not increase prices by a wider margin owing to the previous savings.

While the last revision done to the petrol prices was on September 22, the diesel rates last changed on October 2. In three days, petrol price has gone up by 40 paise and diesel rates have risen by 61 paise per litre. Earlier in the year, retail fuel prices remained unchanged between June 30 and August 15, and March 17 and June 6. Rates vary from state to state depending on the incidence of local sales tax or VAT.

Latest News