New Delhi | Jagran Business Desk: Following the hike in rates by state-owned fuel retailers for the second consecutive day, petrol prices in the national capital rose to an all-time high of Rs 84.20 per litre on Thursday. The petrol prices were hiked by 23 paise per litre on Thursday, while the Diesel rates were increased by 26 paise a litre taking the diesel price to Rs 74.38 in Delhi. Meanwhile, in the financial capital of India, Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.

State-owned fuel retailers Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had on Wednesday resumed daily price revision after freezing the rates for over a month due to the coronavirus pandemic. Price had been raised by 26 paise per litre for petrol and 25 paise on diesel on Wednesday.

Previously, the petrol prices in Delhi scaled to the highest of Rs 84 per litre two years back on October 4, 2018. Diesel too had touched an all-time high of Rs 75.45 per litre on the same day.

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. They first did not pass on to the customers a reduction in price warranted from the slump in international oil rates witnessed due to demand erosion beginning March 2020.

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. That adjustment of rate revision against excise duty hike resulted in a 52-day status quo in prices between March 17, 2020, and June 6, 2020.

This was followed by no change in rates between June 30, 2020, and August 15, 2020, and 58-day hiatus in petrol price revision and 48-day status quo on diesel rates from September 22, 2020, and October 2, 2020, respectively. Rates were again frozen after the last revision on December 7, 2020.

Posted By: Abhinav Gupta