Petrol and diesel prices in India were increased for the third consecutive day amid firming global rates

 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 international oil rates broke a nearly two-month-long hiatus in a price revision. Petrol price in Delhi was hiked to Rs 81.46 per litre from Rs 81.38, according to a price notification from oil marketing companies. Diesel rates went up from Rs 70.88 to Rs 71.07 per litre. State-owned fuel retailers started raising fuel prices from Friday.

In three days, the petrol price has gone up by 40 paise and diesel rates have risen by 61 paise per litre. Petrol prices had been static since September 22, and diesel rates hadn't changed since October 2. PSU oil marketing companies revise rates of petrol and diesel daily based on international oil prices.

Crude Oil prices rose about 1 percent on Friday, posting a third successive weekly rise, buoyed by successful COVID-19 vaccine trials although renewed lockdowns in several countries to limit the spread of the corona virus capped gains. Brent crude futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel, the benchmark gaining about 5 percent this week.

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