Petrol price goes past Rs 87 per litre in Delhi after 35 paise hike by oil companies

Fuel prices have reached an all-time high over the past few months.

Petrol prices in Delhi hit yet another all-time high on Tuesday as oil marketing companies increased the rates by 35 paise after a three-day gap, PTI reported. A similar hike was effected on the price of diesel too.

Petrol was priced at Rs 87.30 per litre, while diesel cost Rs 77.48 per litre in Delhi, according to PTI. In Mumbai, the revised petrol cost was Rs 93.83 per litre, and diesel rate was Rs 84.36 per litre – the highest among all four metros.

The hike came on back of an increase in oil prices in the global market as Brent crude rose 2.1% to $60.56 (Rs 4,414.07) a barrel, according to Reuters. The crude oil price touched its highest level since January 2020, boosted by supply cuts among key producers and hopes for further US economic stimulus.

Petrol and diesel prices have recorded an upswing since January 6, 2021, after staying unchanged for almost a month, PTI reported.

The Centre introduced a new agriculture infrastructure and development cess of Rs 2.50 per litre on petrol and Rs 4 per litre on diesel, in the Union Budget presented on February 1. However, Finance Minister Nirmala Sitharaman had said that the burden will not be on consumer, as the hike will be offset by reductions in basic excise duty and the special additional excise duty currently levied on petrol and diesel.