Petrol and diesel prices on Monday have been hiked across metros for the fourth consecutive day by the state-run oil marketing companies. As per the notification from Indian Oil Corporation, the petrol rates have gone up by 7 paise per litre, while diesel rates have hiked by up to 20 paise a litre. Both auto fuels witnessed a cumulative hike of 46 paise per litre and 80 paise per litre in just four days. While domestic prices of petrol were unchanged since September 22, diesel rates were untouched from October 2, before rates hike began last week on Friday.
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Fuel prices vary across the country due to price of crude oil, foreign exchange rate and local taxes.
The oil companies hiked petrol prices by 7 paise per litre bringing it to Rs. 81.53 a litre in Delhi, while diesel price went up to Rs. 71.25 a litre with a hike of Rs. 18 paise per litre. In Mumbai, petrol prices also went up by 7 paise which is why the rates are now Rs. 88.23 per litre, while diesel is priced at Rs. 77.73 per litre with a hike of 19 paise. In Bengaluru and Hyderabad, petrol prices went up by 7 paise to Rs. 84.25 per litre and Rs. 84.80 per litre, while diesel rates hiked to Rs. 75.53 per litre and Rs. 77.75 per litre, respectively. Both petrol and diesel now cost Rs. 83.10 per litre and Rs. 74.82 per litre in Kolkata, respectively.
Here are the prices of petrol and diesel in the five metros on November 23, 2020:
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 81.53 | 71.25 |
| Mumbai | 88.23 | 77.73 |
| Chennai | 84.59 | 76.72 |
| Kolkata | 83.10 | 74.82 |
| Bengaluru | 84.25 | 75.53 |
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Petrol and diesel prices in Delhi have been hiked by 7 paise and 18 paise respectively.
Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation are the three major oil marketing companies in India. The state-run oil marketing companies review petrol and diesel rates daily and make necessary changes to align the petroleum prices with global benchmark and dollar-rupee exchange rate.
Fuel prices vary from state to state because of different rates of local taxes and VAT imposed. The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates was led by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.
