Oil marketing companies hiked the prices of petrol and diesel for the fourth consecutive day, on Saturday, December 5. Petrol and diesel prices were hiked by around 30 paise across the four metros - Delhi, Mumbai, Kolkata, and Chennai. The fuel rates have now been hiked 13 times in the past 15 days. In the national capital, the price of petrol was hiked from Rs 82.66 per litre to Rs 83.13 per litre, and diesel rates were increased from Rs 73.07 per litre to Rs 73.32 per litre, according to notifications from Indian Oil Corporation. This is the highest price for petrol and diesel since September 2018.
Similarly, in Mumbai, the revised petrol and diesel rates were at Rs 89.78 per litre and Rs 79.93 per litre respectively. The prices of petrol and diesel in Mumbai is the highest among the four metros. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City )
Here are the current prices of petrol and diesel in the four metros (in rupees per litre):
|Source: Indian Oil|
The oil marketing firms resumed the daily price revision on fuel, after a two-week hiatus, since November 20. Before the hike in prices, petrol prices were constant since September 22, while diesel prices were static since October 2. Brent crude oil is up by 34 per cent from lows in end-October 2020 driven by the hope that COVID-19 vaccines would lead to recovery in demand.
The state-owned oil marketing firms such as Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum hold the majority of the petrol and diesel stations across the country. The Indian Oil Corporation is the country's largest fuel retailer.
The oil companies align the domestic rates of petrol and diesel here with the global benchmarks by considering the changes in the foreign exchange levels. It reviews the domestic fuel rates on a daily basis and implements the new rates with effect from 6 am. The rates vary from state to state depending on the local sales tax or value-added tax (VAT)