State-owned fuel retailers hiked rates of petrol and diesel for a fourth consecutive day on Friday. Petrol prices were hiked by 28-29 paise per litre, while diesel rates were raised by 35-38 paise per litre, according to a price notification from oil marketing companies.

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In Delhi, petrol now costs Rs 88.14 per litre and diesel is priced at Rs 78.38. In Mumbai, petrol comes for Rs 94.64 a litre and diesel for Rs 85.32.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. These rates move in line with benchmark international price and foreign exchange rates.

The fuel prices vary from state to state in the country due to the value-added tax or VAT.

Oil Minister Dharmendra Pradhan on Wednesday had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs. Rates have risen as international oil prices touched $61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he had said.

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.

Globally, oil prices steadied on Thursday from a record streak of gains after both OPEC and the International Energy Agency (IEA) said renewed lockdowns and the emergence of new coronavirus variants reduced the prospect of swift demand recovery, according to news agency Reuters.

First Published:Feb 12, 2021 8:12 AM IST