Day Update

Fuel on Fire! Petrol Price At 2-Year High Of Rs 83 Per Litre, Diesel At 73.32

Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced the 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre. This is the highest rate for petrol and diesel since September 2018 and followed the 13th increase in rates since November 20 when oil companies resumed daily price revision after nearly a two-month hiatus. In 16 days, the petrol price has gone up by Rs 2.07 per litre and diesel rate has risen by Rs 2.86. Prior to the November 20 hike in rates in India, 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 (IOC), Bharat Petroleum Corporation Ltd (BPCL)  and Hindustan Petroleum Corporation Ltd (HPCL) – revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate. They had, however, resorted to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices. The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.

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