Petrol, Diesel Prices Hiked For The Eighth Time In Nine Days

State-run oil marketing companies on Saturday yet again revised the fuel prices across India. Domestic petrol rates have been increased by up to 23 paise whereas diesel prices jumped by up to 28 paise in metro cities, as per the notification by the Indian Oil Corporation. In the national capital, the current price of diesel stands at Rs. 72.13 per litre and petrol at Rs. 82.13 per litre. On Friday, petrol and diesel rates in Delhi increased by 30 paise and 45 paise to reach Rs. 81.89 a litre and Rs. 71.86 a litre, respectively.

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Customers in Kolkata will now have to pay Rs. 75.70 for one litre of diesel

Over the last nine days, the capital city witnessed a cumulative hike of around Rs. 1.06 per litre in petrol prices while diesel rose by Rs 1.60 per litre. The two auto fuels have recorded an eighth price hike in the last nine days. Buyers in Mumbai will now have to Rs. 78.66 for one litre of diesel and Rs. 88.81 for one litre of petrol, seeing a hike of 23 paise and 28 paise respectively. In Chennai, Kolkata and Bengaluru, petrol retailed at Rs. 85.12, Rs. 83.67 and Rs. 84.87 respectively. On the other hand, diesel retailed at Rs. 77.56 in Chennai, Rs. 75.70 in Kolkata and Rs. 76.46 in Bengaluru.

Here are the prices of petrol and diesel in the five metros on November 28, 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.

Fuel prices defer from state to state depending on the incidence of local sales tax or VAT.

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