Petrol Rate In Delhi Crosses Record Rs 85/Litre; Diesel Rate Breaches Rs 75/Litre Mark

The petrol price breached Rs 85 mark per litre in Delhi on Tuesday. According to the official data, this is the fifth spike on less than two weeks since January 7. Petrol and diesel have become costlier by 25 paise per litre each on Tuesday. With this, the pump rates of Petrol rose to Rs 85 per litre and Diesel to Rs 75.38 per litre in Delhi. Also Read – Petrol crosses Rs 91/Litre in Mumbai, Above Rs 84/Litre in Delhi

Diesel surged to a record Rs 82.13 per litre in Mumbai, according to state-run Indian Oil Corporation (IOC). Petrol is sold at Rs 91.80 per litre in Mumbai. Retail rates of the two auto fuels vary across the country because of differences in local levies. Also Read – Petrol Prices at All-time High in India Due to Rise in Global Oil Prices | Check Rates in Major Cities

Petrol and diesel rates have been revised upward by Rs 1 per litre each after January 7 in four small doses of 25 paise each, on January 13, January 14, January 18 and January 19, according to the IOC. Also Read – Petrol Less Than a Rupee Away From Being Costliest Ever in Country

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6 resumed daily price revision after nearly a month-long hiatus.

Since then rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in case of diesel.

This comes after international oil prices firmed up on hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.

When fuel prices had last touched record high on October 4, 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

This time, there are no indications of a duty cut so far.

Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. They vary from state to state depending on the incidence of local taxes.