Petrol price on Monday touched a new high of Rs 84.95 per litre in Delhi after state-owned fuel retailers hiked prices after a three-day hiatus.
Petrol and diesel prices were hiked by 25 paise per litre each in the national capital, according to a price notification from oil marketing companies.
In Delhi, petrol now costs Rs 84.95 per litre and diesel is priced at Rs 75.13. Prices in Mumbai, Chennai and Kolkata were Rs 91.56, Rs 87.63 and Rs 86.39 per litre, respectively.
Similarly, in Mumbai, Chennai, and Kolkata, diesel was sold for Rs 81.87, Rs 80.43 and Rs 78.72 per litre, respectively.
This is the third time that the state-owned company has raised the prices of petrol and diesel by 25 rupees a litre each in less than a week.
The current rate of petrol is the highest ever in the national capital, while diesel is at a record high in Mumbai.
At Rs 84.95 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.
Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
The recent surge in fuel prices came on the back of a surge in crude oil prices as the price of benchmark Brent crude rose over $57 a barrel. It has, however, declined and now is around $55 per barrel.
The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic-affected demand reduction in an oversupplied market.
(Inputs from IANS)
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