Diesel Crosses Rs 73-mark, Petrol Price Nears Rs 83 in Delhi

Diesel price on Friday crossed Rs 73 a litre mark in Delhi and petrol rate neared Rs 83 after 12th increase in the last fortnight. Petrol price was on Friday hiked by 20 paise per litre and diesel by 23 paise in line with the firming international oil rates, according to a price notification from oil marketing companies.

Petrol price in Delhi rose to Rs 82.86 per litre from Rs 82.66. Diesel rate went up from Rs 72.84 to Rs 73.07 per litre. This is the 12th increase in rates since November 20 when oil companies resumed daily price revision after a nearly two-month hiatus.

In 15 days, the petrol price has gone up by Rs 1.8 per litre and diesel rate has risen by Rs 2.61. Prior to the November 20 hike, petrol price had been static since September 22 and diesel rate hadn’t changed since October 2.

Public sector oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate. They have, however, resorted to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.

The 58-day hiatus in petrol price revision and 48-day status quo on diesel rate were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6. In Mumbai, the petrol price on Friday was raised to Rs 89.52 per litre from Rs 89.33, while diesel rate went up from Rs 79.42 to Rs 79.66.

Rates vary from state to state depending on the incidence of local sales tax or VAT.