On Saturday, petrol price in New Delhi breached the Rs-83-per-litre-mark for the first time in more than two years after a rally in international oil prices forced the 13th increase in rates in the last fortnight.
Petrol prices in India were raised by 27 paise per litre, according to a price notification of oil marketing companies, increasing the price to Rs 83.13 per litre in New Delhi, Rs 84.63 in Kolkata, Rs 89.78 in Mumbai and Rs 86 in Chennai. Diesel rates went up by 25 paise to Rs 73.32 per litre in New Delhi, Rs 76.89 in Kolkata, Rs 79.93 in Mumbai and Rs 78.69 in Chennai.
This is the highest retail price of fuel in New Delhi since September 2018. Oil marketing companies in India resumed daily price revision from 20 November after nearly a two-month hiatus.
In 16 days, the petrol price has gone up by Rs 2.07 per litre and diesel rate has risen by Rs 2.86, largely due to a rise in international oil prices. Brent crude rose 34% from lows at the end of October 2020 driven by the hope that COVID-19 vaccines would lead to demand recovery.