Petrol prices just 29 paise short of breaching the all-time high level: All you need to know

This is the 15th increase in ful prices since November 20, when oil companies resumed daily price revision after nearly 48-day hiatus.

New Delhi: Petrol and diesel prices are once again on the upswing in the country with Monday being the sixth straight day when fuel prices witnessed a price rise.

The oil marketing companies (OMCs) on Monday increased petrol price in Delhi by 30 paise to Rs 83.71 per litre from Rs 83.41 and diesel by 26 paise to Rs 73.87 from from Rs 73.61 per litre, leading rates to touch 2-yrear high.

With this, the current price of petrol in Delhi is just about 29 paise short of breaching the all-time high level of fuel of Rs 84 a litre reached on October 4, 2018. Considering the daily rate revision by OMCs, the milestone may be achieved as early as this week itself.

This is the 15th increase in rates since November 20, when oil companies resumed daily price revision after nearly 48-day hiatus.

Rates are now at the highest level since September 2018. In 18 days, the petrol price has gone up by Rs 2.65 per litre and diesel rate has risen by Rs 3.41.

The rate increase follows international oil prices rising by a third from lows in October-end. Brent crude oil is nearing USD 50 per barrel mark on hopes that COVID vaccines would lead to demand recovery.

Prior to the November 20 hike in rates in India, petrol prices had been static since September 22 and diesel rates hadn't changed since October 2. In Mumbai, petrol price rose to Rs 90.34 per litre from Rs 90.05, while diesel rates went up from Rs 80.23 to Rs 80.51.

With Agency Inputs