Petrol price up 17 paise, diesel up 22 paise after two-month hiatus

Petrol price on Friday was hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision.

Petrol price in Delhi was hiked to Rs 81.23 per litre from Rs 81.06, according to a price notification from oil marketing companies.

Diesel rates went up from Rs 70.46 to Rs 70.68 per litre.

This is the first revision in petrol prices since September 22. Diesel rates 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, restored 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 rates was preceded by no change in rates between June 30 and August 15 and a 52-day status quo between March 17 and June 6.

In Mumbai, the petrol price on Friday was raised to Rs 87.92 per litre from Rs 87.74, while diesel rates went up from Rs 76.86 to Rs 77.11.

Petrol now costs Rs 84.31 in Chennai and Rs 82.79 in Kolkata. Diesel costs Rs 76.17 per litre in Chennai and Rs 74.24 in Kolkata.