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Petrol prices increased by Rs 28 paise and diesel prices by 29 paise on Sunday. This was the fifth consecutive hike in the country after firming international oil prices. The consistent hike has now caused petrol prices in Mumbai to breach the Rs 90 per litre mark, while diesel prices have increased to over Rs 80 per litre in the city. This is the highest level of fuel prices in the country since September 2018.
Note: Images used are for representational purposes only.
Prices in Mumbai now stand at Rs 90.05 per litre of petrol increasing from Rs 89.78. Similarly, diesel prices in the city have increased to 80.23 per litre from Rs 79.93 earlier.
The country capital has also witnessed a similar price hike of around Rs 28 paise and Rs 30 paise increase in petrol and diesel prices, respectively. Petrol prices in Delhi have increased from Rs 83.13 to Rs 83.41 per litre, while diesel prices have been hiked from Rs 73.32 per litre to Rs 73.61.
Petrol and diesel prices in India have been increasing in India consistently since late last month. This is the 14th time the fuel prices have been increased since November 20th. Major Oil Companies resumed daily price revisions of fuel from 20th November, after a two-month hiatus.
Prior to November 20th, petrol prices had remained static since September 22nd, while the last diesel price hike took place on the 2nd of October.
The daily revision of fuel prices from major oil companies such as Bharat Petroleum Corporation, Indian Oil Corporation, Hindustan Petroleum Corporation is based on benchmark international prices and the foreign exchange rates.
Oil companies had suspended daily revisions of petrol and diesel prices during the pandemic. There was a 58-days and 48-days hiatus on petrol and diesel price revision, respectively. This was preceded by maintaining status quo on petrol and diesel prices from March 17th to June 6th and then again from June 30th to August 15th.
Thoughts On The Petrol & Diesel Price Hike In India
The petrol and diesel prices across India have now been increased for the 5th consecutive day. Fuel prices have been at their highest level in two-years. However, petrol and diesel prices do vary between each state, depending on local sales tax or VAT — find out the fuel prices in your city here.