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Petrol price in India up by 28 paise and diesel 29 paise a litre; rates touch 2-year high – Business News , Firstpost


This is the fifth straight day of price hike and the 14th improve in rates since 20 November when oil firms resumed each day price revision after practically two-month hiatus

Representational picture. Reuters

New Delhi: Petrol price on Sunday was hiked by 28 paise per litre and diesel by 29 paise, the fifth straight day of improve in rates as a result of firming worldwide oil costs.

Petrol price in Delhi rose to Rs 83.41 per litre from Rs 83.13. Diesel rates went up from Rs 73.32 to Rs 73.61 per litre, in response to a price notification of oil advertising and marketing firms.

Rates crossed Rs 90-mark for petrol and Rs 80 in case of diesel in Mumbai.

This is the fifth straight day of price hike and the 14th improve in rates since 20 November when oil firms resumed each day price revision after practically two-month hiatus.

Rates at the moment are on the highest stage since September 2018.

In 17 days, the petrol price has gone up by Rs 2.35 per litre and diesel fee has risen by Rs 3.15.

Brent crude oil has risen 34 per cent from USD 36.9 per barrel on October 30 to USD 49.5 on 4 December – the final buying and selling day – on hopes that COVID-19 vaccines would result in demand restoration.

Prior to the 20 November hike in rates in India, petrol costs had been static since 22 September and diesel rates hadn’t modified since 2 October.

Public sector oil advertising and marketing firms – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – revise rates of petrol and diesel each day based mostly on benchmark worldwide oil price and overseas change fee.

They had, nevertheless, resorted to calibrating the rates because the pandemic broke out with a view to avoiding volatility in retail costs.

The 58-day hiatus in petrol price revision and 48-day establishment on diesel rates have been preceded by no change in rates between30 June and 15 August and an 85-day establishment between 17 March and 6 June.

In Mumbai, the petrol price was raised to Rs 90.05 per litre from Rs 89.78, whereas diesel rates went up from Rs 79.93 to Rs 80.23.

Rates differ from state to state relying on the incidence of native gross sales tax or VAT.

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