Petrol, Diesel Prices Hiked Again Across India

Petrol, Diesel Prices Hiked Again Across India

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

In Delhi, Kolkata, Mumbai and Chennai, diesel was priced at Rs 66.79, Rs 69.33, Rs 71.12 and Rs 70.49 per litre, respectively- all at unprecedented levels.

Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today. According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.

On Monday OMCs ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practices of changing rates on a daily basis.

Similarly, diesel and kerosene will each cost Rs 92 per litre within 15-kilometre distance in Kathmandu Valley and Rs 91.50 per litre in Dang and Pokhara respectively.

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The fuel prices in Kolkata has also gone up.

There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and USA sanctions against Iran, which is a major crude oil export country.

Though retail petrol and diesel prices in India follow global movement of product prices, any developments on crude oil front also impacts product pricing.

OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017.

Motorists will feel the pinch yet again, as another petrol price hike is on the cards. "The daily increase would have to be higher than normal to reach the true market reflective prices for these two products", said a source in an oil marketing company, asking not to be named. With crude touching $79.47 a barrel, and the rupee down more than 6 per cent to nearly 68 against the dollar, fuel prices were bound to be affected.

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