This after international oil prices firmed up on hopes of demand returning from rollout of coronavirus vaccines in different countries, including India.
The highest-ever rate of diesel in Delhi was on October 4, 2018, when it touched Rs 75.45 a litre mark. On that day, petrol was priced at Rs 84.
The government had responded to the situation in October 2018 by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange rates, government-controlled fuel retailers have been moderating rates since the pandemic broke out.
This after they adjusted a Rs 13 per litre hike in excise duty on petrol and Rs 15 a litre on diesel against a decrease in the retail selling price that was warranted by crude oil prices slumping to an average of USD 19 per barrel in April.
Excise duty totals Rs 32.98 per litre in petrol and Rs 31.83 in diesel. VAT in Delhi totals to Rs 19.32 a litre on petrol and Rs 10.85 on diesel.
With international oil prices rebounding from the lows of April, retail rates in India too were revised. Since May 2020, petrol price has risen by Rs 15.29 per litre and diesel by Rs 12.84, price notifications of oil companies showed.