Almost after two months, oil companies in India have once again hiked the fuel prices in the four metro cities, including Mumbai from November 21.
According to notifications from Indian Oil Corporation, the prices of petrol were increased by 15-20 paise per litre, and those of diesel by 20-25 paisa per litre. While petrol price hasn't changed since September 22, diesel rates have been static from October 2.
The petrol price in Mumbai went up from Rs 87.74 to Rs 87.92 a litre while that of diesel shot up to Rs 77.11 a litre from 76.87 a litre.
Indian Oil Corporation, the country's largest fuel retailer, revises the domestic fuel rates on a daily basis and implements the changes with effect from 6 am. With the price revision, the retail price of both the auto fuels has also been increased across the country but the level of increase is different across the cities due to variable taxation structure pursued by the states.
Bharat Petroleum Corporation, Indian Oil Corporation, and Hindustan Petroleum Corporation hold the majority of petrol and diesel stations in the country. The oil firms align the domestic rates with the global benchmarks by considering changes in foreign exchange levels.
Despite increasing price in the global market, the oil manufacturing companies had decided to hold prices of petrol and diesel since the end of September this year.
According to reports, the increase in petrol and diesel prices was expected as the global oil market had shown signs of firming up after positive news on the successful introduction of a coronavirus vaccine soon.
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