Petrol Price Crosses Rs 83 Per Litre
- 05-Dec-2020
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Petrol prices in Delhi shot past the Rs 83-mark and settled at Rs 83.13 per litre in the national capital of Delhi.
This is the highest it has been in two years and is fueled by a rally in international oil prices which have resulted in the 13th upward price revision in the last fortnight.
Petrol price saw a hike of 27 paise per litre on Saturday while diesel price was hiked by 25 paise per litre to settle at Rs 73.32 in Delhi.
The current prices of petrol and diesel are the highest Delhi has seen since September of 2018. Oil Companies had resumed daily revision of fuel prices on November 20 after a hiatus of around two months.
Oil cartel OPEC plus its allies like Russia, (called OPEC ), deciding to raise output from January 2021 more modestly than earlier agreed is likely to ensure global supply deficit even in the first quarter of 2021.
Public sector oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.
They had, however, resorted to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.
