Business Economy

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

This is the first revision in petrol prices since September 22.

Petrol price on Friday was hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision.

Petrol price in Delhi was hiked to ₹ 81.23 per litre from ₹ 81.06, according to a price notification from oil marketing companies.

Diesel rates went up from ₹ 70.46 to ₹ 70.68 per litre.

This is the first revision in petrol prices since September 22. 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, restored 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 was preceded by no change in rates between June 30 and August 15 and a 52-day status quo between March 17 and June 6.

In Mumbai, the petrol price on Friday was raised to ₹ 87.92 per litre from ₹ 87.74, while diesel rates went up from ₹ 76.86 to ₹ 77.11.

Petrol now costs ₹ 84.31 in Chennai and ₹ 82.79 in Kolkata. Diesel costs ₹ 76.17 per litre in Chennai and ₹ 74.24 in Kolkata.

Source: thehindu.com

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