Petrol, diesel prices touch 2-year high after 6th consecutive hike – Check fuel prices in metro cities on December 7, 2020 | Economy News

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New Delhi: Fuel prices were hiked for the sixth straight day on Monday by the oil marketing companies leading rates to touch 2-yrear high.

Petrol price in Delhi was was hiked by 30 paise per litre and diesel by 26 paise, the sixth straight day of increase in rates due to firming international oil prices on Monday.

Petrol price in Delhi is at Rs 83.71 per litre while diesel prices are Rs 73.87 per litre, according to notifications from Indian Oil Corporation.

Here is looking at the price difference of diesel and petrol in four metro cities on December 7.

City Petrol Diesel
Delhi 83.71 73.87
Mumbai 90.34 80.51
Chennai 86.51 79.21
Kolkata 85.13 77.44

Petrol and diesel prices that remained unchanged for 48 days, saw a rate revision on November 20 (Friday), as state-run oil marketing companies hiked fuel prices. Rates differ from state to state depending on the incidence of VAT. Taxes make up for nearly two-third of the retail selling price. 

In September, diesel prices saw first reduction since mid-March when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.

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Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25. Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre. Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause. 

U.S. crude was off 24 cents at $46.02 per barrel and Brent was down 26 cents at $48.99. Brent has lost about a quarter of its value this year so far, a Reuters report said.

With Agency Inputs





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