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Petrol, diesel prices rise for the second consecutive day – Business news

Petrol price was hiked by 15 paise per liter and diesel by 20 paise on Saturday, the second straight day of rate hike after the strengthening of international oil rates, a gap of about two months in the price revision.

According to a notification by oil marketing companies, the price of petrol in Delhi increased from Rs 81.23 to Rs 81.38 per liter.

Diesel rates increased from Rs 70.68 to Rs 70.88 per liter.

On Friday, the price of petrol was increased by 17 paise per liter and diesel by 22 paise.

This is the first revision in petrol prices since 22 September. Diesel rates had not changed since 2 October.

Public sector oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited – revise daily rates of petrol and diesel based on benchmark international oil price and foreign exchange rate.

However, in order to avoid instability in retail rates, rates have been resorted to since the epidemic broke out.

The 58-day interval in the petrol price revision and the 48-day status quo on diesel rates were unchanged between 30 June and 15 August and the 85-day status quo between 17 March and 6 June.

In Mumbai, petrol price went up from Rs 87.92 to Rs 88.09 per liter on Friday, while the diesel rate increased from Rs 77.11 to Rs 77.34.

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


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