FILE Photograph:( Reuters )
With the latest spike, the rates of petrol and diesel are at its highest since September 2018
For the sixth consecutive day, prices of petrol and diesel rose on Monday as they approach towards the highest-ever spike.
As per the latest price revision by oil marketing companies, the price of petrol was hiked by 30 paise per litre (USD 0.0041) and diesel by 26 paise (USD 0.0035).
One litre petrol in Delhi costs now Rs 83.71 (USD 1.13), while the diesel rate went up to Rs 73.87 (USD 1) per litre.
With this spike, the rates of petrol and diesel are at its highest since September 2018.
Also, this is the sixth day in a row when the fuel prices have risen in India and 15th increase since November 10.
In only 18 days, the price of petrol has shot up by Rs 2.65 (USD 0.036) per litre and that of diesel by Rs 3.41 (USD 0.046).
The increase in rates comes as international oil prices are rising by a third from lows at the end of October with hopes that coronavirus vaccine could lead to a resurgence in demand.
Brent crude oil is closing in on USD 50 per barrel.
In Mumbai, petrol is sold at Rs 90.34 (USD 1.22) per litre from Rs 90.05 and diesel at Rs 80.51 (1.09) from Rs 80.23.
The huge rise since November is seen after about two-month hiatus as petrol prices went unchanged since September 22 and diesel since October 2.