Petrol and diesel prices on Thursday were hiked by 25 paise per litre each, the second straight day of increase in rates

New Delhi: Petrol and diesel prices on Thursday were hiked by 25 paise per litre each, the second straight day of increase in rates that took the prices to new highs.

Petrol now costs Rs 84.70 per litre in Delhi and diesel is priced at Rs 74.88, according to a price notification from oil marketing companies.

Petrol and Diesel

This is the second straight day of a price increase. Rates were hiked by 25 paise each on Wednesday after a five-day hiatus.

In Mumbai, the price of petrol was increased to Rs 91.32 a litre from Rs 91.07 previously, while diesel rates went up from Rs 81.34 to Rs 81.60 per litre.

Petrol price is at a record high in Delhi and is just a shy away from the highest ever rate of Rs 91.34 in Mumbai. Diesel price in Mumbai is at an all-time high.

Petrol and Diesel

State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long hiatus.

Rates were hiked on two consecutive days - totalling 49 paise for petrol and 51 paise for diesel - before they hit a pause button again.

The price increase cycle resumed on Wednesday, after international oil prices rose to their highest level since February 2020, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.