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NEW DELHI (PTI):
Due to firming international oil prices, petrol price on Sunday was hiked by 28 paise per litre and diesel by 29 paise.
This is the fifth straight day of price hike and the 14th increase in rates since November 20 when oil companies resumed daily price revision after nearly two-month hiatus.
In 17 days, the petrol price has gone up by Rs 2.35 per litre and diesel rate has risen by Rs 3.15.
Public sector oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.
They had, however, resorted to calibrating the rates since the pandemic broke out intending to avoid volatility in retail prices.
The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.
Rates vary from state to state depending on the incidence of local sales tax or VAT. (PTI)