Petrol and Diesel Price Hiked for Second Day in a Row

Cornelia Mascio
Novembre 22, 2020

The domestic price hike in auto fuel is on expected lines as global oil market has got a boost ever since pharma companies' have been reporting success in their experimental vaccines against Covid 19.

While the last revision done to the petrol prices was on September 22, the diesel rates last changed on October 2.

Before that petrol prices had remained unchanged since September 22, and diesel rates hadn't changed since October 2.

State-oil retailing companies on Friday after a hiatus of nearly 2 months have increased the retail selling price of both diesel and petrol. On Friday, petrol price was raised by 17 paise per litre and diesel by 22 paise.

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 worldwide oil price and foreign exchange rate. Nonetheless, even when the trend required prices to be brought down, oil retailers continued with the same prices and now they can not increase prices by a wider margin owing to the previous savings. 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 global oil price and foreign exchange rate. The 58-day hiatus in petrol price revision and the 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and a 85-day status quo between March 17 and June 6.

Diesel rates went up from ₹70.88 to ₹71.07 per litre.

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

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