A mixed bag
The Indian economy is currently at a critical juncture. The Centre’s recent monthly economic report paints a picture that’s both…
Petrol and diesel prices were increased on Saturday, the eighth hike in the past nine days. In Delhi, petrol price crossed Rs 82-mark whereas diesel surpassed Rs 72 a litre.
With this latest hike, petrol prices were increased by 24 paise per litre and diesel by 27 paise as hopes of a vaccine development led to a rally in international oil prices.
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In the national capital, petrol is now being sold at Rs 82.13 per litre from Rs 81.89, a notification from oil marketing companies suggested. On the other hand, diesel rates went up from Rs 71.86 to Rs 72.13 per litre.
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This is the eighth increase in rates since November 20 when oil companies resumed daily price revision after nearly two-week hiatus.
In nine days, the petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67.
In Mumbai, the petrol price on Sunday was raised to Rs 88.81 per litre from Rs 88.58, while diesel rates went up from Rs 78.38 to Rs 78.66.
Prior to the November 20 hike, petrol prices had been static since September 22 and diesel rates hadn’t changed since October 2.
The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.
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, resorted to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.
Rates vary from state to state depending on the incidence of local sales tax or VAT.
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