Petrol, diesel prices are rising for the sixth straight day; values are two-year high.

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Sunday petrol prices were increased by 28 nations per litre and 29 countries, the fifth day straight of rises attributed to steadfast world petroleum prices. The price of Delhi petrol increased from Rs 83,13 to Rs 83,41 per litre. According to oil marketing firms, diesel prices have risen from Rs 73,32 to Rs 73,61 per litre.

Tariffs for petrol crossed Rs 90 threshold and for diesel Rs 80 in Mumbai.

This is the fifth day of the price rise and the fifteenth increase since 20 November, when after almost two months of hiatus, oil producers resumed regular price assessments.

After September 2018, prices are now at their highest level. The price of petrol rose by Rs 2.35 per litre in 17 days and the cost of diesel rose by Rs 3.15.

On 4 December – the last trade day – Brent crude oil rose by 34%, from US$ 36,9 per barrel on 30 October to US$ 49,5 expecting to lead to a market revival with COVID-19 vaccinations.

Before the rates of increase in India on 20 November, the price of petrol had been unchanged since 22 September and the rate for diesel since 2 October had not increased.

Oil Public sector marketing firms – Indian Oil Company (IOC). – Petroleum and Diesel rates are updated regularly, based on international averages of oil markets and on foreign exchange. HPCL is the revised petroleum and diesel rates.

Yet they had used rate calibration to avoid fluctuations of market rates after the pandemic broke out.

In terms of the adjustment of the oil price for 58 days, and the diesel price for the 48-day status quo, the rate was not adjusted from 30 June until 15 August and the rate quo for a period between 17 March and 6 June for the 85-day period.

In Mumbai, the price of oil was increased by Rs 89.78 to Rs 90.05 per litre, and in Rs 79.93 to rs 80.23 the price of diesel was higher.

The prices depend upon the occurrence of the local selling tax or VAT, from state to state.

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