Petrol, diesel prices hiked for 6th straight day; rates reach 2-year high

Dec. 7: In what seems to be more worry for the common people is the hike in the prices of petrol and diesel for the sixth straight day. For the first time in the last two years, the rates of petrol and diesel have increased at such a huge pace. On Monday, the price of petrol has increased by 30-33 paise whereas diesel has become expensive by 25-31 paise. The sharp rise in fuel prices, triggered by an increase in global crude oil price, is not good for India’s economic recovery as inflationary pressure is already high.

The oil marketing companies (OMCs) on Sunday increased the retail price of petrol by 28 paise per to Rs 83.41 a litre in Delhi. Similarly, diesel price also increased by 29 paise a litre to Rs 73.61 a litre. The all-time high petrol price in Chennai and Kolkata has been Rs 87.33 and Rs 85.80 a litre and the current prices are Rs 86.25 and Rs 84.90 a litre respectively.

Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.