The oil marketing companies (OMCs) hiked the prices of petrol and diesel by 26-27 paise and 28-30 paise respectively on Friday after keeping the rates unchanged for two consecutive days.
Accordingly, the price of petrol and diesel increased to Rs 94.76 and Rs 85.66 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price changed to Rs 100.98 per litre on Friday. The cost of diesel advanced to Rs 92.99 a litre.
In the last one month, petrol price has been raised by Rs 4.36 per litre and diesel by Rs 4.93 per litre. In 2021, petrol price has increased by over Rs 11 per litre and diesel by nearly Rs 12 per litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. The fuel prices vary from state to state in the country due to the value-added tax or VAT.
Globally, oil prices dropped on Friday as concerns about the patchy roll-out of anti-coronavirus vaccinations around the globe tempered optimism earlier in the week that demand for fuels was recovering from the depths of the pandemic, according to news agency Reuters.
Brent crude was down 29 cents, or 0.4 percent, at $71.02 a barrel by 0057 GMT, after falling 4 cents on Thursday following a gain to the highest since May 2019. The contract is on track for a gain of nearly 2 percent this week, Reuters said.
First Published: IST