NEW DELHI: Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus.
Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.
In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63.
In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34.
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 hiatus.
The price increase cycle resumed after international oil prices rose for the seventh day. US West Texas Intermediate (WTI) was up 1.3 per cent at USD 53.88 a barrel, while Brent crude was up 79 cents at USD 57.37.
Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns which stalled demand.
The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
Since May 2020, petrol price has risen by Rs 14.79 per litre and diesel by Rs 12.34 a litre, price notifications of oil companies showed.