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.(Praful Gangurde)
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.(Praful Gangurde)

Petrol price at 2-year high of Rs 83 per litre, diesel at 73.32

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.
By Press Trust of India| Posted by Susmita Pakrasi | New Delhi
PUBLISHED ON DEC 05, 2020 12:31 PM IST

Petrol price on Saturday 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.

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.

“The oil price surge is despite a second wave of Covid in Europe and US (which has led to demand recovery reversal), and surge in Libyan oil output from 0.1 million barrels per day (bpd) to 1.25 million bpd,” it said.

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. “Thus, OPEC+ has done its part to prevent supply surplus until the vaccine boosts demand,” it added.

Brent has risen from USD 36.9 per barrel on October 30 to USD 49.5 on December 4.

IEA estimates the global oil supply deficit at 2.1-2.8 million bpd in Q3-Q4 calendar year 2020. However, a surplus of 0.4 million was likely in Q1 2021 if OPEC+, as agreed in April 2020, was to prune output cuts from 7.7 million bpd to 5.8 million bpd from January.

“However, we now estimate supply deficit of 0.5 million bpd in Q1 2021 and 0.2-2.8 million bpd in Q2-Q4 as OPEC+ has decided to raise output by just 0.5 million bpd in January 2021 and by not more than 0.5 million bpd in later months and only after deliberations,” ICICI Securities said.

Prior to the November 20 hike in rates in India, petrol prices had been static since September 22 and diesel rates hadn’t changed since October 2.

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.

The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.

In Mumbai, the petrol price on Friday was raised to Rs 89.78 per litre from Rs 89.52, while diesel rates went up from Rs 79.66 to Rs 79.93.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

SHARE THIS ARTICLE ON
Close
Sensex opens 250 points higher at 50,678; Nifty begins session above 15,000-level
Sensex opens 250 points higher at 50,678; Nifty begins session above 15,000-level

Sensex rebounds over 270 points in early trade; Nifty reclaims 15,000-level

PTI
UPDATED ON MAR 08, 2021 09:54 AM IST
On the Sensex chart, ONGC, NTPC, Axis Bank, M&M, HDFC Bank and SBI were major gainers – climbing as much as 4.3 per cent.
Close
Gold price saw a huge decline last week.(Reuters Photo)
Gold price saw a huge decline last week.(Reuters Photo)

Gold price recovers from 9-month low: Here's why

By hindustantimes.com | Edited by Amit Chaturvedi
UPDATED ON MAR 08, 2021 07:59 AM IST
Last week, the price of the precious metal suffered a huge fall. However, a stronger-than-expected US non-farm payrolls data helped it recover somewhat.
Close
According to the Rural Health Survey 2018-19, there is an 85.6% shortfall of surgeons, 75% deficit of obstetricians and gynaecologists, 87.2% of physicians, and 79.9% shortfall of paediatricians in the primary health sector in rural areas.
According to the Rural Health Survey 2018-19, there is an 85.6% shortfall of surgeons, 75% deficit of obstetricians and gynaecologists, 87.2% of physicians, and 79.9% shortfall of paediatricians in the primary health sector in rural areas.

How govt plans to push health spending to target of GDP’s 2%

By Zia Haq, Hindustan Times, New Delhi
UPDATED ON MAR 08, 2021 06:02 AM IST
  • Despite decades of strong economic growth, the country’s spending on health care is barely 1% of GDP, way below Brics peer nations, resulting in serious supply-side deficits of facilities and professionals.
Close
Aditya Birla Capital, whose current market cap is <span class='webrupee'>₹</span> 30,000 crore, derives a majority of its market value ( <span class='webrupee'>₹</span>13,000-14,000 crore) from the AMC business alone.(Abhijit Bhatlekar/ Mint)
Aditya Birla Capital, whose current market cap is 30,000 crore, derives a majority of its market value ( 13,000-14,000 crore) from the AMC business alone.(Abhijit Bhatlekar/ Mint)

Birla Sun Life plans to raise 5,000 crore via share sale

By Anirudh Laskar, Hindustan Times, Mumbai
UPDATED ON MAR 07, 2021 11:54 PM IST
  • Aditya Birla Sun Life Asset Management has started talks with potential merchant bankers for the IPO, which is likely to be launched in the June quarter, said the people cited above.
Close
To put the scale in context, market leader Hero MotoCorp produced 6.5 million two-wheelers annually.(Hemant Mishra/Mint file photo)
To put the scale in context, market leader Hero MotoCorp produced 6.5 million two-wheelers annually.(Hemant Mishra/Mint file photo)

Ola aspires to pull off a Tesla, but affordably

By Madhurima Nandy, Hindustan Times, Bengaluru
UPDATED ON MAR 07, 2021 11:42 PM IST
  • The Bengaluru-based firm plans to start production as early as in June. That’s audacious, given that the land—260 acres for the plant and 240 acres for two supplier parks—is still in excavation mode.
Close
The Arbitral Tribunal, in a ruling by former Chief Justice of India AM Ahmadi on March 6, ordered the document to be binding.(File photo)
The Arbitral Tribunal, in a ruling by former Chief Justice of India AM Ahmadi on March 6, ordered the document to be binding.(File photo)

Zostel claims victory in legal row with OYO

By Tarush Bhalla, Hindustan Times, Bengaluru
PUBLISHED ON MAR 07, 2021 11:37 PM IST
  • The term sheet executed between the two parties in 2015, promised ZO Rooms’ shareholders 7% of Oyo.
Close
The government, which owns 54% in BEML, invited expressions of interest for the stake sale in the defence equipment maker, along with the transfer of management control, on January 4.(Reuters File Photo)
The government, which owns 54% in BEML, invited expressions of interest for the stake sale in the defence equipment maker, along with the transfer of management control, on January 4.(Reuters File Photo)

Suitors make a beeline for 26% stake in BEML

By Malyaban Ghosh, Utpal Bhaskar
PUBLISHED ON MAR 07, 2021 11:32 PM IST
  • Bharat Forge Ltd and Megha Engineering and Infrastructure Ltd may also submit expressions of interest for the government’s stake in BEML, the people said on condition of anonymity.
Close
The survey has been conducted against the backdrop of the economy coming out of recession in Q3 with 0.4% growth, after remaining in contraction mode for two consecutive quarters.
The survey has been conducted against the backdrop of the economy coming out of recession in Q3 with 0.4% growth, after remaining in contraction mode for two consecutive quarters.

Biz confidence at India Inc soars to 10-year high

By Rajeev Jayaswal, Hindustan Times, New Delhi
PUBLISHED ON MAR 07, 2021 11:24 PM IST
  • The survey captures the mood of the industry for the two quarters ending June 30, 2021.
Close
Union Minister for Road Transport &amp; Highways and Micro, Small and Medium Enterprises Nitin Gadkari interacts with media. (PTI File Photo)
Union Minister for Road Transport & Highways and Micro, Small and Medium Enterprises Nitin Gadkari interacts with media. (PTI File Photo)

Junk your old car, get 5% rebate from automakers on new purchase: Gadkari

PTI, New Delhi
PUBLISHED ON MAR 07, 2021 10:29 PM IST
Nitin Gadkari said, automated fitness tests will be set up under public private partnership (PPP) mode while the government will assist private partners and state governments for scrapping centres.
Close
The accused stole over 5kg of gold and 9kg of silver ornaments worth <span class='webrupee'>₹</span>2.82 crore. (HT Photo)
The accused stole over 5kg of gold and 9kg of silver ornaments worth 2.82 crore. (HT Photo)

Gold prices down over 20% from highs. Should you invest?

By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON MAR 07, 2021 06:40 PM IST
Gold has been falling for the past few months and has lost more than 20% in value from the highs witnessed in August last year.
Close
Of the total investment made by Indian companies in foreign markets, USD 1.36 billion was in the form of loan; USD 297.37 million comprised as equity investment and the rest of USD 183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment (OFDI) - February 2021.(REUTERS)
Of the total investment made by Indian companies in foreign markets, USD 1.36 billion was in the form of loan; USD 297.37 million comprised as equity investment and the rest of USD 183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment (OFDI) - February 2021.(REUTERS)

RBI: India Inc's overseas direct investment falls by 31% to USD 1.85 billion

PTI, Mumbai
PUBLISHED ON MAR 07, 2021 06:27 PM IST
Domestic companies made investments of USD 2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020.
Close
Budget deficits in the Arab Gulf, where economies are reliant on oil, widened after prices crashed.(Reuters)
Budget deficits in the Arab Gulf, where economies are reliant on oil, widened after prices crashed.(Reuters)

OPEC+ surprise sees oil soar past Gulf’s budget-balancing Levels

Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 07, 2021 06:27 PM IST
The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That’s higher than annual average levels needed for the cartel’s largest producers, including Saudi Arabia, to balance their budgets this year.
Close
Elon Musk’s tumble only underscores the hard-to-fathom velocity of his ascent.(REUTERS)
Elon Musk’s tumble only underscores the hard-to-fathom velocity of his ascent.(REUTERS)

Elon Musk’s historic wealth gains unravel with $27 billion loss

Bloomberg
PUBLISHED ON MAR 07, 2021 05:04 PM IST
Musk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin.
Close
WhatsApp helpline is now functional in all the 138 regional offices of EPFO.(HT File Photo)
WhatsApp helpline is now functional in all the 138 regional offices of EPFO.(HT File Photo)

How to check PF balance without Universal Account Number

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
PUBLISHED ON MAR 07, 2021 02:49 PM IST
  • For checking EPF balance without UAN number, users will need to log into their account through the EPF homepage at epfindia.gov.in.
Close
Union minister of state for finance and corporate affairs Anurag Thakur on Saturday addressed the Punjab chapter of Entrepreneurs Organisation. (ANI File Photo )
Union minister of state for finance and corporate affairs Anurag Thakur on Saturday addressed the Punjab chapter of Entrepreneurs Organisation. (ANI File Photo )

On cryptocurrency, Anurag Thakur says ‘innovation welcomed, must evaluate ideas’

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 09:09 PM IST
Anurag Thakur’s remark comes days after the Reserve bank of India (RBI) governor Shaktikanta Das flagged “major concerns” about the impact of cryptocurrencies on financial stability.
Close
SHARE
Story Saved
OPEN APP