Petrol Price surges past Rs 82
On Saturday, the petrol price in New Delhi crossed the Rs 82-mark and diesel surpassed Rs 72 a litre after the eighth increase in rates in past nine days. Oil marketing companies have been raising retail prices of fuel across India in line with the recent surge in international oil prices due to optimism from vaccine development.
After a 24 paise hike, petrol rates per litre rose to Rs 82.13 in New Delhi, Rs 83.67 in Kolkata, Rs 88.81 in Mumbai and Rs 85.12 in Chennai. Diesel prices per litre increased to Rs 72.13 in New Delhi, Rs 75.70 in Kolkata, Rs 78.66 in Mumbai and Rs 77.56 in Chennai. This is the eighth increase in rates since 20 November when oil companies resumed daily price revision after nearly two-week hiatus.
In nine days, the petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67. Prior to the 20 Novemberhike, petrol prices had been static since 22 September and diesel rates hadn't changed since 2 October.
Public sector oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) 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.