Petrol price hits Rs 75 per litre, diesel crosses Rs 66

Petrol price on Monday hit Rs 75 a litre mark for the first time in more than a year as oil firms raised rates to make up for rising cost of production.

Petrol price was on Monday hiked by 5 paise per litre and diesel by 10 paise a litre, according to daily price notification of state-owned oil firms.

The increase pushed price of petrol to Rs 75 per litre in the national capital and that of diesel to Rs 66.04 per litre.

Rates have been on the rise since November 9, barring one day. Cumulatively, petrol price has been increased by Rs 2.30 per litre in the last one month. Diesel prices, however, have been moderate in their movement, hovering in between Rs 65-66 per litre range.

While prices rose in the immediate aftermath of drone attacks on some of Saudi Arabia's giant onshore fields in mid-September, rising by a cumulative Rs 2.5 per litre in case of petrol in a matter of two weeks, rates had cooled off thereafter, with prices coming down from Rs 74.61 per litre to Rs 72.60 for petrol in Delhi.

However, rates have again been on the rise since November 9, partly because of rupee-dollar exchange rate.

Diesel prices had hit Rs 67 in the aftermath of the Saudi attack, but moderated in the days thereafter.

Petrol and diesel prices are revised daily on the basis of changes in their benchmark international fuel prices and rupee-dollar exchange rate.