Petrol, diesel prices up for second day in a row; check new rates
Fuel price hike: Petrol and diesel prices were yet again hiked by 80 paise a litre on Wednesday, the second day in a row after the end of a four-and-a-half month rate revision hiatus.
According to a price notification issued by state fuel retailers, petrol in Delhi will now cost Rs 97.01 per litre, up from Rs 96.21 earlier, and diesel will cost Rs 88.27, up from Rs 87.47 previously.
The petrol and diesel prices in Mumbai have been hiked to 111.67 per litre and 95.85 per litre, respectively. In Kolkata, people have to shell out Rs 106.34 and Rs 91.42 for petrol and diesel, while in Chennai the cost of petrol and diesel is Rs 102.91 and Rs 92.95 respectively.
In Bengaluru, the price of petrol and diesel on Wednesday was at Rs102.26 and Rs 86.58 respectively and in Gurugram it is Rs 97.50 for petrol and Rs 88.72 for diesel.
A record 137-day rate revision break came to an end on March 22 with an 80-paise-per-litre hike in prices. Rates were on a freeze since November 4 in view of assembly elections in states such as Uttar Pradesh and Punjab - a period during which the cost of raw materials (crude oil) had risen by USD 30 per barrel.
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Oil companies are finally making up for their losses. According to CRISIL Research, a Rs 15-20 per litre rise is required to properly balance the spike in international oil prices.
The continuation of fuel price increases has sparked worries of stoking inflation, which is currently above the 6% level.
Meanwhile, the Indian rupee has depreciated against the US dollar, making imports more expensive. India relies on foreign purchases for over 85 percent of its oil needs, making it one of Asia's most vulnerable to increasing oil prices.
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-PTC News
