Delhi saw the petrol price reach all-time high on Thursday after a hike of 23 paise. Petrol is now retailing at Rs 84.20 per litre amid firming of international oil prices.
Diesel too received a price hike of 26 paise, after which its price reached Rs 74.38 a litre.
The previous high of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018. Diesel too had scaled to an all-time high of Rs 75.45 a litre that day.
State-owned fuel retailers hiked rates on Wednesday after a nearly month-long hiatus. Petrol price was raised by 26 paise per litre and diesel by 25 paise a litre, according to a price notification from oil marketing companies.
On October 4, 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.
{{/usCountry}}Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.
{{/usCountry}}The government raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue of Rs 1.6 lakh crore.
Rates were again frozen after last revision on December 7, 2020.