Fuel prices jacked up after nearly 60 days
The prices of petrol and diesel were raised in Calcutta by 20 and 25 paise, respectively, as firming international oil prices broke a nearly two-month-long hiatus in price revision.
In Calcutta, the price of petrol rose to Rs 82.79 a litre from Rs 82.59 per litre, while diesel rates stood at Rs 74.24 per litre against Rs 73.99 earlier.
Petrol price in Delhi was hiked to Rs 81.23 per litre from Rs 81.06, according to a price notification from oil marketing companies.
Diesel rates went up from Rs 70.46 to Rs 70.68 per litre.
This is the first revision in petrol prices since September 22. Diesel rates hadn’t changed since October 2.
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 the benchmark international oil price and foreign exchange rate.
They have, however, restored to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.
The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates was preceded by no change in rates between June 30 and August 15 and a 52-day status quo between March 17 and June 6.
In Mumbai, the petrol price on Friday was raised to Rs 87.92 per litre from Rs 87.74, while diesel rates went up from Rs 76.86 to Rs 77.11. In Chennai, petrol now costs Rs 84.31 and diesel Rs 76.17 per litre.
Fuel demand posted its first annual increase in October since February as a spurt in diesel demand ahead of the festival season pushed consumption to pre-Covid-19 levels. Demand for petroleum products rose 2.5 per cent in October to reach 17.77 million tonnes compared with 17.34 million tonnes a year back. While petrol had reached pre-Covid levels in September itself, diesel consumption returned to normal in October.