Petrol prices crossed the Rs 80-mark in Delhi on Friday, 26 June, a day after diesel breached the mark.
As prices rose for the 20th consecutive day, petrol and diesel prices reached Rs 80.13/litre (increase by 0.21) and Rs 80.19/litre (increase by Rs 0.17), respectively in Delhi on Friday. Only on Wednesday, the petrol price was not increased by the OMCs.
According to sources, if the prices of petroleum products and crude continue the recent slide in the global markets, then petrol and diesel prices might start falling soon.
Fuel prices have been increasing since 7 June when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown.
Prices of transportation fuel were last revised under the dynamic pricing policy on 16 March and there were few instances of price hike later only when the respective state governments hiked VAT or cess.