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Petrol and Diesel prices rise by 25 paise

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A hike of 25 paise each was noted on Thursday in the prices of Petrol and Diesel. This was the second straight day when the prices increased and reached a new high.

According to the price notification from oil marketing companies, the price of Petrol has increased to Rs. 84.70 in Delhi and that of Diesel has risen to Rs. 74.88.

On Wednesday, the rates hiked by 25 paise each. This was after a five-day hiatus.

The prices, in Mumbai, have risen to Rs. 91.32 a liter for petrol and Rs. 81.60 a liter for diesel.

Prices of petrol are at a record high in Delhi and an all-time high in Mumbai.

The State-owned fuel retailers, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd., on January 6, resumed daily price revision, after a month-long break.

This cycle of oil price hike was last seen in February 2020, before the worldwide spread of coronavirus.

Rates eased on Thursday with Brent down to USD 55.95 per barrel while NYMEX light sweet crude was down at USD 52.81.

The highest ever rate of Diesel in Delhi was seen on October 4, 2018. It reached a price of Rs. 75.45.

In October 2018, the government responded to the petroleum price hike by cutting excise duty on petro; and diesel by Rs. 1.50 per liter. Along with this, the state-owned fuel retailers cut prices by another Re. 1 a liter.

Although the prices of petrol and diesel are revised on a daily basis in accordance with the benchmark international prices and foreign exchange, the government-controlled fuel retailers have been moderating prices since the pandemic broke out.

This happened after they adjusted a Rs.13 per liter hike of petrol prices in excise duty and Rs. 15 price hike of diesel. This was against a decrease in the retail selling price that was warranted by crude oil price falling to USD 19 per barrel in April.