Petrol, Diesel Prices Today: Petrol prices touched fresh all-time highs in the national capital on Wednesday January 27. In the national capital, the price of petrol was hiked by 25 paise to Rs 86.30 per litre from Rs 86.05 per litre and diesel was increased by a similar amount to Rs 76.48 per litre from Rs 76.23 per litre, according to Indian Oil Corporation, the country's largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel prices stood at Rs 92.86 per litre and Rs 83.30 per litre respectively. The current price of petrol is the highest ever in the national capital, and diesel is at a record high in Mumbai.
Petrol prices have been hiked by Rs 2.59 a litre and diesel by Rs 2.61 a litre in Delhi, in the month of January. On the other hand, in Mumbai, petrol prices have been increased by Rs 2.52 a litre and diesel by Rs 2.79 a litre in January. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
Petrol and diesel rates have recorded an upswing since January 6, 2021 after staying unchanged for almost a month. Fuel rates have increased amid a rally in global crude oil prices, with coronavirus vaccination drives beginning across the world.
Oil marketing companies - Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks, by taking into account any changes in the foreign exchange rates. Any alterations in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state across the country due to the value-added tax or VAT.
Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world's second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand.
U.S. West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2 per cent, to $52.71 a barrel at 0229 GMT, reversing some of Tuesday's loss. Brent crude futures climbed 11 cents, or 0.2 per cent, to $56.02 a barrel, adding to a small gain on Tuesday.