Petrol, diesel price hiked for second day in a row

Petrol price on Saturday was hiked by 15 paise per litre and diesel by 20 paise, the second straight day of increase in rates after firming international oil rates broke nearly a two-month-long hiatus in price revision.

The price of petrol in Delhi was hiked to Rs 81.38 per litre from Rs 81.23, according to a notification from oil marketing companies.

Diesel rates went up from Rs 70.68 to Rs 70.88 per litre.

On Friday, petrol price was raised by 17 paise per litre and diesel by 22 paise.

This is the first revision in petrol prices since September 22. Diesel rates had not 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 the 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 Friday was raised to Rs 88.09 per litre from Rs 87.92, while diesel rates went up from Rs 77.11 to Rs 77.34.

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