Gasoline price on Saturday crossed ₹82 mark in Delhi and diesel surpassed ₹72 per liter after the eighth rate increase in the last nine days.
The price of gasoline on Saturday rose by 24 paise per liter and diesel by 27 paise, as hopes of developing a vaccine led to a rebound in international oil prices.
The price of gasoline in Delhi rose to ₹82.13 per liter of ₹81.89, according to a price notification from oil trading companies.
Diesel rates rose from ₹71.86 to ₹72.13 per liter.
This is the eighth rate hike since Nov. 20, when oil companies resumed their daily price review after a nearly two-week hiatus.
In nine days, the price of gasoline has risen ₹1.07 per liter and the rate of diesel has increased by ₹1.67.
Before the November 20 hike, gasoline prices had been flat since September 22 and diesel rates had not changed since October 2.
The public sector oil trading companies (Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd) review gasoline and diesel rates on a daily basis based on the international oil reference price and exchange rate.
However, they have resorted to calibrating rates since the pandemic broke out in order to avoid volatility in retail prices.
The 58-day pause in the gasoline price review and the 48-day status quo in diesel rates were not preceded by any rate changes between June 30 and August 15 and a status quo of 85 days between March 17 and June 6.
In Mumbai, the price of gasoline on Sunday rose to ₹88.81 per liter of ₹88.58, while diesel rates rose from ₹78.38 to ₹78.66.
Rates vary from state to state depending on the incidence of local sales tax or VAT.
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