Petrol price crosses Rs 83 mark in Delhi, highest in two years

Delhi on Saturday saw the highest petrol prices in more than two years time, as it shot past the Rs 83 mark and settled at Rs 83.13 per litre. This is the 13th time the price of petrol has risen in a fortnight. The reason for this can be attributed to the rising international oil prices.

Petrol price saw a hike of 27 paise per litre on Saturday while diesel price was hiked by 25 paise per litre to settle at Rs 73.32 in Delhi.

The current prices of petrol and diesel are the highest in Delhi since September of 2018. Oil Companies had resumed daily revision of fuel prices on November 20 after a hiatus of around two months.

In Delhi, petrol prices have gone up by Rs 2.07 per litre while diesel rates have been upped by Rs 2.86 in the last 16 days.

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.

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.

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.