Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

Petrol, Diesel Prices Continue to Rise After 19-Day Freeze

State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre. It was sold at Rs 66.36, Rs 68.90, Rs 70.66 and Rs 70.02 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.

Petrol prices in other metros too were at a new high on Tuesday - Rs 77.65 in Kolkata, Rs 82.79 in Mumbai and Rs 77.77 in Chennai, according to Indian Oil Corporation.

Similarly, prices of diesel also touched fresh record levels on Wednesday.

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

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Moreover, Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in global oil rates and fall in rupee against the USA dollar during this period. "The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia.

The new prices took effect at 6 a.m. on Monday.

The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).

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