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Petrol, diesel rates shoot up amid surging global oil prices

BusinessToday.In     November 27, 2020

Petrol and diesel prices have increased further on Friday. Oil companies announced today the price of petrol has gone up by another 19 paise per litre. Price of diesel on the other hand has surged by 24 paise per litre.

 The latest hike in petrol and diesel prices have pushed them closer to the Rs 82-per-litre mark. In Delhi, petrol prices have now been revised to Rs 81.89 per litre from Rs 81.70 per litre on Thursday.

Fuel prices have been on the rise since last Friday after a nearly two-month-long hiatus in the fuel price revision. The prices have increased consecutively for five days with the exception on Wednesday. In five days, petrol price has gone up by 53 paise and diesel rate has risen by 95 paise per litre. With Friday's increase, petrol price has now risen by 83 paise per litre and diesel by Rs 1.40 a litre since last Friday.

Petrol price had been static since September 22, and diesel rate hadn't changed since October 2.

The oil marketing companies were following a daily price revision formula, however, it was suspended two months ago to prevent the volatility in the international oil markets from impacting the fuel prices regularly during the pandemic.

Also Read: Petrol, diesel prices hiked for sixth time in seven days

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