Petrol, Diesel Price Today: Crude Oil Rates in Delhi Hike Again After Single-day Freeze

The highest petrol price recorded earlier in Delhi was on October 4, 2018 at Rs 84 per litre. Meanwhile, diesel prices have surpassed the previous peak on October 16 that year, when it climbed to Rs 75.69 a litre.

Petrol, Diesel Price Today: After a single-day-halt in the increase of crude oil prices, petrol and diesel rates in Delhi have hiked again on Monday. In the national capital, petrol is now retailing at Rs 80.43 per litre, inching closer to a record hike, while diesel at Rs 80.53 per litre, increased of Rs 0.05 and Rs 0.13 respectively.

The highest petrol price recorded earlier in Delhi was on October 4, 2018 at Rs 84 per litre. Meanwhile, diesel prices have surpassed the previous peak on October 16 that year, when it climbed to Rs 75.69 a litre.

Earlier on Sunday, the price hike froze at Rs 80.38 per litre for petrol and Rs 80.40 per litre for diesel, for the first time after 21 straight days since the oil companies resumed daily reviews following a 12-week hiatus due to coronavirus lockdown. However, diesel still remains slightly costlier than petrol.

Notably, rates have been going up across the country since June 7 but the retail prices vary from state to state, depending on the local sales tax and VAT.

Crude oil prices were last revised under the dynamic pricing policy on March 16 before the deregulation began in April. However, on June 24, for the first time in decades, diesel was priced more than petrol in Delhi.

The development has raised a caution for automobile companies who have spent millions to ramp up their facilities for diesel-run vehicles.

Given a persistent economic slowdown that has hit automobile sector the hardest and the coronavirus lockdown which has reduced transport demand, the recent revision of diesel prices may heavily cost car companies with a fall in the demand for diesel-fueled vehicles.