Petrol and diesel prices rose sharply by 25 paise per litre on Wednesday after oil marketing companies made a decision to break the momentary pause in the wake of a sudden spike in the global oil prices.
The price increase cycle resumed on Wednesday after worldwide oil prices rose for the seventh day. Today's petrol and diesel price hikes are said to be the highest in 25 months. In Kozhikode, it is Rs 84.66 and for diesel, it is Rs 78.77.
At Rs 84.45 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre. Diesel increased to Rs 74.63 per litre. Both benchmarks are trading at the highest since February, before the coronavirus outbreak began spreading across the world, forcing countries to impose lockdowns.
Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks by taking into account alterations in the foreign exchange rates.
On Wednesday, fuel prices in India were raised to new highs as global oil prices continued to surge for the seventh straight day. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives.