Petrol crosses ₹86-mark in Delhi, diesel above ₹83 per litre in Mumbai

The price data showed that diesel rate rose to ₹76.23 a litre in Delhi and to ₹83.03 per litre in Mumbai.

Petrol price on Tuesday crossed ₹86 per litre mark in Delhi and diesel soared above ₹76, after the rates witnessed maximum increase in the last one year. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.

The previous all-time high price of petrol was ₹84 a litre on October 4, 2018. (REUTERS)

According to a price notification from oil marketing companies, petrol and diesel prices were hiked by 35 paise per litre each. This took petrol price in Delhi to ₹86.05 per litre and ₹92.62 in Mumbai.

The price data showed that diesel rate rose to ₹76.23 a litre in Delhi and to ₹83.03 per litre in Mumbai. Fuel prices, which vary from state to state depending on local sales tax or Value Added Tax (VAT), are now at a record high in the nation.

Last week, Oil minister Dharmendra Pradhan put the blame on Saudi oil output cut for the surge in oil prices.

Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the coronavirus pandemic broke out.

State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long gap.

Since then, the rates have gone up by ₹2.34 a litre on petrol and ₹2.36 in case of diesel. This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.

(With inputs from agencies)