Mumbai: Petrol price reached an all-time high in Delhi on Thursday after 23 paise hike. Petrol is now retailing at Rs 84.20 per litre amid strong international oil prices.
The price of diesel also increased by 26 paise, after which its price reached Rs 74.38 per litre.
The previous high price of Rs 84 per litre for petrol in Delhi touched on 4 October 2018. Diesel too reached a high of Rs 75.45 on that day.
State-owned fuel retailers raised rates Wednesday after a gap of about a month. According to the price notification of the oil marketing companies, the price of petrol was increased by 26 paise per litre and diesel by 25 paise per litre.
On October 4, 2018, the government cut excise duty on petrol and diesel by Rs 1.50 per litre to ease inflationary pressure and increase consumer confidence. With this, state-owned fuel retailers cut prices for another Ri 1 litre, which they later remodelled.
Although petrol and diesel rates are to be revised on a daily basis in line with international standards and foreign exchange, government-controlled fuel retailers have reduced rates due to the pandemic.
In two instalments in March 2020 and May 2020, the government received additional revenue of Rs 1.6 lakh crore and increased excise duty on petrol by Rs 13 per litre and on diesel by Rs 15 per litre.
Rates were again frozen after last revision on December 7, 2020.
(With Agency Inputs)