On Friday, oil companies recuperate losses from maintaining rates during the period leading up to the recently finished assembly elections by raising prices by 80 paise per litre, the third increase in four days.
According to a price announcement from state fuel retailers, petrol will now cost Rs 97.81 per litre in Delhi, up from Rs 97.01 earlier, and diesel will cost Rs 89.07 per litre, up from Rs 88.27 previously.
Since the daily price revision began in June 2017, these are the highest single-day hikes.
Since March 22, fuel and diesel prices have risen by Rs 2.40 per litre in three increments.
On March 22, a 137-day pause in rate adjustment came to an end with an 80-paise-per-litre raise, and similar hikes have followed in the days thereafter.
Prices had been frozen since November 4 in anticipation of assembly elections in provinces such as Uttar Pradesh and Punjab, during which time the cost of raw materials (crude oil) had risen by USD 30 a barrel.
The fee hike was supposed to happen soon after the assembly elections on March 10, but it was postponed.
Oil firms are finally beginning to recoup their losses.
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