Petrol price on Saturday was hiked by 24 paise per litre and diesel by 27 paise as hopes of a vaccine development led to a rally in international oil prices.
Petrol price in Delhi rose to Rs 82.13 per litre from Rs 81.89, according to a price notification from oil marketing companies.
Diesel rates went up from Rs 71.86 to Rs 72.13 per litre.
This is the eighth increase in rates since November 20 when oil companies resumed daily price revision after nearly two-week hiatus.
In nine days, petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67.
Prior to the November 20 hike, 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, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.
They have, 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 a 85-day status quo between March 17 and June 6.
In Mumbai, the petrol price on Sunday was raised to Rs 88.81 per litre from Rs 88.58, while diesel rates went up from Rs 78.38 to Rs 78.66.
Rates vary from state to state depending on the incidence of local sales tax or VAT.