Petrol, Diesel Prices Hiked Across Metro Cities For Third Consecutive Day

State-run oil marketing companies on Sunday revised the fuel prices across the country for the third straight day. Domestic petrol prices have been increased by 8 paise per litre whereas diesel rates have gone up by 19 paise per litre, as per the notification by the Indian Oil Corporation. This revision in domestic fuel rates come after the firming international oil rates broke a nearly two-month-long hiatus in a price revision. In the national capital, the current price of petrol stands at Rs. 81.46 per litre and diesel at Rs. 71.07 per litre.

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Buyers in Kolkata will now have to pay Rs. 74.64 for one litre of diesel

The OMCs started revising fuel prices from Friday and in just three days, petrol rate has gone up by 40 paise a litre while diesel rates saw a hike of 61 paise per litre. Notably, the petrol rates remained stagnant since September 22, and diesel prices were left unchanged since October 2, 2020.

In Mumbai, buyers will now have to pay Rs. 88.16 per litre for petrol and Rs. 77.54 per litre for diesel. Both the auto fuels now cost Rs. 83.03 per litre and Rs. 74.64 per litre in Kolkata for petrol and diesel respectively. Diesel in Chennai retails at Rs. 76.55 a litre, while petrol also a marginal hike that brought the retail cost to Rs. 84.53 per litre. The two petroleum products in Bengaluru cost Rs. 84.18 per litre and Rs. 75.34 per litre for petrol and diesel respectively.

Here are the prices of petrol and diesel in the five metros on November 22, 2020:

The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates was led by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6. Fuel prices vary from state to state because of different rates of local taxes and VAT imposed.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation are the three major oil marketing companies in India. The state-run oil marketing companies review petrol and diesel rates daily and make necessary changes to align the petroleum prices with global benchmark and dollar-rupee exchange rate.