The hike in Indian retail prices comes on the heels of a hike in global crude prices, which have risen by a quarter since early November.
Petrol is retailing today in Delhi at Rs 83.71/litre, in Mumbai at Rs 90.34, in Chennai at Rs 86.51 and in Kolkata at Rs 85.19.
Today’s rate for diesel is as follows: Rs 73.87 in Delhi, Rs 80.51 in Mumbai, Rs 79.21 in Chennai and Rs 77.44 in Kolkata.
As a practice, oil companies revise local petrol/diesel rates regularly (daily) in line with the rise or fall in global prices. New prices are usually notified at 6 am every day.
In the year of the pandemic, however, the frequency of these revisions has gone down markedly. Prices have stayed at the same levels for weeks, even months, at times this year.