New Delhi: After witnessing continious reduction in prices, petrol and diesel prices are again on the upward swing.
Petrol price in Delhi was hiked by 19 paise to Rs 69.07 on Friday as against Rs 68.88 per litre yesterday. Diesel rates on the other hand were hiked by 28 paise to Rs 62.81 against Rs Rs 62.53 on Thursday, according to the price notification of state-owned oil firms.
Similarly, in Mumbai petrol prices were raised to Rs 74.72 per litre, Rs 71.20 in Kolkata and Rs 71.67 in Chennai while diesel prices are at Rs 65.73 in Mumbai, Rs 64.58 in Kolkata and Rs 66.31 in Chennai.
Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.
Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.
On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country's requirement is met through imports.
With PTI Inputs