The prices of petrol and diesel rose for the 15th consecutive day on Sunday. The price of diesel hit a record high with an increase of 60 paise per litre while petrol rates rose by 35 paise. The cumulative increase in petrol and diesel prices in 15 days has been Rs 8.88 per litre and Rs 7.97, respectively.
Fuel rates are increasing incessantly since oil companies resumed their revision of prices on June 7 after an 82-day-long pause. The 82-day freeze in prices was imposed in the middle of March after the government increased excise duty on petrol and diesel to shore up finances.
With the successive increase, petrol price has reached a two-year high. Petrol price in Delhi reached 79.23 per litre, up from Rs 78.88 on Saturday, while diesel rates rose to Rs 78.27 a litre from Rs 77.67, according to the Indian Oil Corporation.
Previously, diesel prices had reached their peak of Rs 75.69 per litre in Delhi in October 2018. Petrol prices had soared to an all-time high of Rs 84 per litre in the Capital in the same month.
In Mumbai, the price of petrol rose to Rs 86.04 on Sunday while diesel rates went up to Rs 76.69. Petrol and diesel prices in Chennai rose to Rs 82.58 and Rs 75.80, respectively. In Kolkata, the rate of petrol went up to Rs 80.95 while the diesel price reached Rs 73.61.
Global oil prices rose on Friday after the Organization of the Petroleum Exporting Countries producers promised to meet supply cuts on signs of improving demand. Brent crude was up $1.00, or 2.4% while US West Texas Intermediate crude climbed 3.4%.