Fuel Price Rise: At Rs 83, Petrol At 2-Year High As Delhi Sees 13th Price Rise In 15 Days
Petrol price today breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight.
Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies.
Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
This is the highest rate for petrol and diesel since September 2018 and followed the 13th increase in rates since November 20 when oil companies resumed daily price revision after nearly a two-month hiatus.
In 16 days, the petrol price has gone up by Rs 2.07 per litre and diesel rate has risen by Rs 2.86.
ICICI Securities said vaccine hopes are driving oil prices up globally.
Brent crude oil is up 34 per cent from lows in end-October 2020 driven by hope that COVID-19 vaccines would lead to demand recovery.