Petrol touches new high

Representational Photo

Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus.

Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.

In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34.

This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6, resumed daily price revision after nearly a month-long hiatus.

Rates were hiked on two consecutive days – totalling 49 paise for petrol and 51 paise for diesel – before they hit a pause button again.

The price increase cycle resumed after international oil prices rose for the seventh day. US West Texas Intermediate (WTI) was up 1.3 per cent at USD 53.88 a barrel, while Brent crude was up 79 cents at USD 57.37.

Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.