Petrol Price Skyrockets To A New 55-Month High, Diesel Price Jumps To An All-Time High

Petrol price surged to hit a new 55-month high on Saturday as it touched a high of Rs 74.21 a litre in New Delhi, while diesel price hit an all-time high of Rs 65.46 in the national capital. The state-owned oil firms raised petrol rates by 13 paise per litre each in Delhi while the diesel price surged by 15 paise in each state. The last time when petrol price surged past this level was in September 2013, when the fuel would make a consumer poorer by Rs 76.06 a litre. The petrol price, on Saturday, costs Rs 74.21 in Delhi, Rs 76.91 in Kolkata, Rs 82.06 in Mumbai and Rs 76.99 in Chennai, as per the Indian Oil Corporation (IOC) website.

The petrol and diesel prices tend to fluctuate on a daily basis since the state-owned oil companies that include Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, in June last year had renounced the 15-year practice of revising rates on the fortnightly basis and adopted a daily prices revision system to reflect changes.