Petrol rate on Saturday, November 28, breached Rs 82-mark in Delhi and diesel crossed Rs 72 a litre following eighth increase in prices in the past nine days.
Where the petrol rate was increased by 24 paise per litre, diesel price was hiked by 27 paise amid hopes of coronavirus vaccine development that led to a rally in international oil prices.
Petrol price in the national capital went up to Rs 82.13 per litre from Rs 81.89, as per the price notification from oil marketing companies, whereas diesel rates rose from Rs 71.86 to Rs 72.13 a litre.
Saturday's price hike is eighth increase in rates since November 20 when oil companies resumed daily price revision after nearly two-week hiatus.
In nine days, petrol price has gone up by ?1.07 per litre and diesel rate has risen by ?1.67.
Prior to the November 20 hike, 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, 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, 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 a 85-day status quo between March 17 and June 6.
In Mumbai, the petrol price on Sunday was raised to ?88.81 per litre from ?88.58, while diesel rates went up from ?78.38 to ?78.66.
Rates vary from state to state depending on the incidence of local sales tax or VAT.
(With inputs from PTI.)
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today