NEW DELHI: Domestic petrol and diesel prices have touched two-year highs after being hiked for the seventh consecutive day, on Monday, December 7. In Delhi, the price of petrol was hiked by 30 paise from ₹ 83.41 per litre to ₹ 83.71 per litre with effect from 6 am on Monday, and that of diesel increased by 26 paise from ₹ 73.61 per litre to ₹ 73.87 per litre, according to notifications from Indian Oil Corporation, the country's largest fuel retailer.

In Mumbai, petrol and diesel prices were raised to Rs 90.34 per litre and ₹ 80.51 per litre respectively. Petrol prices in Delhi have increased by ₹ 2.65 per litre and diesel prices have risen by ₹ 3.40 per litre in the past 17 days. Fuel prices in Mumbai are the highest among metros.

Currently, state-owned oil marketing firms Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum - which own the majority of fuel stations in the country - review the fuel prices on a daily basis, and implement any changes with effect from 6 am.

The oil companies align the domestic fuel prices with global benchmarks, by taking into account any changes in the foreign exchange levels. The fuel rates vary from state to state due to local taxes.

Meanwhile, oil prices fell on Monday as a continued surge in coronavirus globally forced a series of renewed lockdowns, including strict new measures in Southern California.

Brent crude oil futures were down 16 cents, or 0.3 per cent, at $49.09 a barrel by 0117 GMT, while West Texas Intermediate oil futures fell 19 cents, or 0.4 per cent, to $46.07 a barrel. Both benchmarks gained for a fifth consecutive week last week.