The price of petrol in Delhi was hiked to Rs 81.38 per litre from Rs 81.23, according to a notification from oil marketing companies.
State-owned fuel retailers started raising fuel prices from Friday after a long gap.
Before that petrol prices had remained unchanged since September 22, and diesel rates hadn't changed since October 2.
Interestingly for every dollar increase in crude oil price, retail selling price of both diesel and petrol should go up by up to 40 paise per litre. In the national capital, petrol is being sold for Rs. 81.23 per litre, an increase of 17 paise from the last price, while diesel quotes at Rs. 70.68, which marks an increase by 22 paise. The benchmark brent crude is moving around more than $44 per barrel while the US WTI is quoting at almost $42 per barrel.
Oil prices rose about 1% on Friday, posting a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials though renewed lockdowns in several countries to limit the spread of the coronavirus capped gains. Pfizer Inc said it has applied to USA health regulators on Friday for emergency use authoritization of its vaccine, the first such application in a major step toward providing protection against the new coronavirus.
Petrol price on Sunday was hiked by 8 paise per litre and diesel by 19 paise, the third straight day of increase in rates as the firming global oil rates broke a almost two-month-long hiatus in price revision.
Public sector oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd - revise rates of petrol and diesel daily based on benchmark worldwide oil price and foreign exchange rate.