- Petrol and Diesel became expensive today
- Petrol and diesel prices have increased for the 6th time in a period of 7 days
- Petrol saw an increase of 64 paise while diesel increased by ₹ 1.16 per litre
On Thursday, prices of both Petrol and Diesel increased which marked an increase in their prices for the 6th time in a week’s time. In Delhi, the price of petrol today was retailed at ₹ 81.70, up 11 paise from Wednesday’s price of ₹ 81.59 per litre.
In Chennai, Mumbai and Kolkata petrol retailed at ₹ 84.74, ₹ 88.40 and ₹ 83.26 respectively.
In Delhi, the price of Diesel was hiked by 21 paise taking the retail price to ₹ 71.62 per litre, in Chennai, Mumbai and Kolkata, one litre of diesel was being retailed for ₹ 77.08, ₹ 78.12 and ₹ 75.19 respectively.
Over the past 7 days, the prices of petrol have increased by 64 paise in Delhi while that of diesel has been increased by ₹ 1.16. The recent hikes are the first revision in petrol prices since the 22nd of September while the prices of diesel were changed for the first time 2nd October.
The Public Sector oil marketing companies – Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited – revised the rates of both diesel and petrol daily based on the benchmark international oil price along with the foreign exchange rate.
The price of crude oil in the international markets, today, increased for the 5th consecutive day after a surprise fall in the US crude inventories “gave further legs to the recent rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels,” said a report.
Brent futures were up 45 cents which was an increase of 0.9% at $ 49.06 a barrel, having gained 1.8% on Wednesday.
This week, Brent futures have surged by 9%, getting a boost after AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, which has only added to the potential armoury to end the worst pandemic the world has seen in a century.
Last week, the US oil stockpile fell 754,000 barrels and the data showed a higher than analysts expectations of a rise of 127,000-barrel.
The new elected President of the United States of America, Joe Biden, has requested the people to avoid big family gatherings, and wear protective masks. He also urged the people to maintain social distancing for the Thanksgiving holiday as the country is still facing the surge in cases of Coronavirus pandemic.