Petrol breaches Rs 90-mark in Mumbai as fuel prices hiked for sixth consecutive day
Photo Credit: PTI

The oil marketing companies hiked domestic prices of petrol and diesel for the sixth consecutive day on Monday, due to firming international oil prices. Petrol price was hiked by 30 paise per litre and diesel by 26 paise per litre in Delhi on Monday.

Petrol price in Delhi rose to Rs 83.71 per litre from Rs 83.41. Diesel rates went up from Rs 73.61 to Rs 73.87 per litre, according to a price notification of oil marketing companies.

In Mumbai, rates crossed Rs 90-mark for petrol and Rs 80 in case of diesel. The petrol in Mumbai stands at Rs 90.34 per litre and in diesel is Rs 80.51 per litre.

Meanwhile, petrol now costs Rs 86.51 in Chennai and Rs 85.13 in Kolkata. Diesel costs Rs 79.21 per litre in Chennai and Rs 77.44 in Kolkata.

This is the sixth straight day of price hike and the 15th increase in rates since November 20 when oil companies resumed daily price revision after nearly two-month hiatus. Rates are now at the highest level since September 2018.

Prior to the November 20 hike in rates in India, petrol prices had been static since September 22 and diesel rates hadn't changed since October 2. Rates vary from state to state depending on the incidence of local sales tax or VAT.

Public sector oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.

They had, 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 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.

(Inputs from PTI)

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