Oil marketing companies hike petrol, diesel prices as crude at $80/bbl

New Delhi: Oil marketing companies (OMCs) on Tuesday hiked prices of petrol and diesel by 20 paise per litre and by 25 paise respectively as international oil prices reached $80 per barrel mark for the first time in three years.

The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai. Prices differ from state to state depending on the incidence of local taxes. This is the first price increase in petrol in more than two months and the fourth in case of diesel.

The increase followed international oil prices rising for the fifth consecutive day and global benchmark Brent heading for $80 per barrel.

Tuesday was the first increase in petrol price since state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) on September 24 resumed daily price revisions, ending the pause in rates that had effected since September 5.