Fuel prices increase for 5th consecutive day; Check out latest petrol, diesel prices
BusinessToday.In November 24, 2020
Fuel prices increased for fifth consecutive day on Tuesday. In the national capital, petrol was hiked by 6 paise per litre and diesel was hiked by 16 paise per litre. State-owned fuel retailers started to steadily increase prices on Friday after international Oil Marketing Companies (OMCs) broke a nearly two-month-long hiatus from daily fuel price revisions.
In Delhi, petrol prices rose from Rs 81.53 per litre on November 23 to Rs 81.59 per litre on November 24. Diesel prices increased from Rs 71.25 per litre on November 23 to Rs 71.41 per litre on November 24. In the past five days, petrol prices in Delhi have increased by 53 paise per litre and diesel prices have increased by 95 paise per litre.
Here are the petrol prices in major cities on November 24:
Here are the diesel prices in major cities on November 24:
Before Friday, petrol prices had been static since September 22, and diesel rates hadn't changed since October 2. Rates vary from state to state depending on the incidence of local sales tax or VAT.
OMCs had suspended daily price revision for nearly-two months to prevent volatility in the international oil markets from impacting fuel prices during the coronavirus pandemic. But now the crude oil prices have started to rise owing to recent successes in several COVID-19 vaccine development programmes. Hence, OMCs have also started to increase fuel prices.
On Tuesday, Brent crude futures rose 32 cents, or 0.69 per cent, to $46.38 a barrel by 8:47 am GMT while US West Texas Intermediate crude gained 37 cents, or 0.86 per cent, to $43.45 a barrel. Both benchmarks had increased by 5 per cent last weeek.