The oil marketing companies hiked domestic prices of petrol and diesel in the four metros - Delhi, Mumbai, Kolkata, and Chennai - for the fifth consecutive day on Tuesday, according to notifications from Indian Oil Corporation. The prices of petrol were increased up to 8 paise per litre and diesel, between 18 and 20 paise per litre with effect from 6 am on November 24. In Delhi, the price of petrol was hiked by six paise from Rs 81.53 per litre to Rs 81.59 per litre, while diesel rates were increased by 16 paise from Rs 71.25 per litre to Rs 71.41 per litre. In Mumbai, petrol and diesel rates were revised to Rs 88.29 per litre and Rs 77.90 per litre respectively. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Petrol prices were untouched since September 22 and diesel rates were unchanged since October 2 this year, before the cycle of hikes resumed on Friday.
Here are the current prices of petrol and diesel in the four metros (in rupees per litre) :
|Source: Indian Oil|
Indian Oil Corporation, the country's largest fuel retailer, revises the domestic fuel rates on a daily basis, and implement the changes with effect from 6 am. Bharat Petroleum Corporation, Indian Oil Corporation, and Hindustan Petroleum Corporation hold the majority of petrol and diesel stations in the country. The oil firms align the domestic rates with the global benchmarks by considering changes in foreign exchange levels.
Meanwhile, oil prices held gains on Tuesday as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition.
Brent crude futures rose 3 cents, or 0.1 per cent, to $46.09 a barrel by 0113 GMT, while U.S. West Texas Intermediate crude added 11 cents, or 0.3 per cent, to $43.17 a barrel. Both benchmarks settled up about 2 per cent on Monday after gaining about 5 per cent last week.