Diesel, Petrol prices hiked after 2-day pause– Check fuel prices in metro cities on December 2, 2020

New Delhi: Fuel prices were hiked on Wednesday by the oil marketing companies after a two day pause.

Petrol price in Delhi was hiked by 15 paise to Rs 82.49 per litre while diesel prices were increased by 23 paise to Rs 72.65 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 2.

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. The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then. In all, the petrol price has risen by Rs 10.68 since June 7.

Brent crude oil futures were down by 27 cents, or 0.6%, at $47.15 a barrel by 0131 GMT, while West Texas Intermediate crude was down by 29 cents, or 0.7%, at $44.26, a Reuters report said.

With Agency Inputs