As per latest but shocking news, the rate of petrol got increased by 25 paise whereas the diesel price witnessed an increase of 30 paise. At the present time, the petrol rate stands at ₹ 87.85 per litre and diesel hits ₹ 78.03 per litre in the national capital.
This declaration has been made by the Indian Oil Corporation (IOC). The rates of petrol and diesel touched new highs across the metropolitans today, February 11, after oil marketing firms augmented the duties by around 30 paise for the third consecutive day.
In the meantime, the revised petrol and diesel prices remained at ₹ 94.36 per litre and ₹ 84.94 per litre respectively in the city of Mumbai. The rate in Mumbai is the highest among all four metropolitans.
Petrol and diesel rates have recorded an increase since January 6, 2021 after remaining unaffected for almost a month. The fuel prices have increased amid a rally in global crude oil prices, with the pandemic vaccination drives starting all over the globe.
Oil marketing firms such as Indian Oil Corporation (IOC), Bharat Petroleum (BP), and Hindustan Petroleum (HP) lined up the rates of domestic fuel with the international standards, by considering any changes in forex rates. Any modifications in fuel rates are executed with effect from 6 am every day.
Meanwhile, oil rates got increased on Wednesday, outspreading its rally for a ninth day, its longest winning streak in a period of two years, backed by manufacturer supply cuts and expectations vaccine rollouts will spur recovery in demand.
Brent crude closed the day up 38 cents, or 0.6 per cent, at $61.47 a barrel, after touching a 13-month high of $61.61. U.S. crude closed 32 cents, or 0.6 per cent, higher at $58.68 a barrel, also after touching a 13-month high at $58.76.