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Petrol, Diesel Prices Hiked Again Across India

17 May 2018
Petrol, Diesel Prices Hiked Again Across India

Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today.

(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday. The highest recorded petrol price in the capital till now has been Rs 76.06 per litre. Within two days, petrol would cross Rs 80 a litre and diesel would reach Rs 74 a litre, Kumar said.

In the finance capital Mumbai, the petrol costs Rs 83.16/litre. In the last four days, petrol prices have gone up in the range of 69-73 paise per litre across Delhi, Kolkata, Mumbai and Chennai. According to experts the three oil marketing companies - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- together suffered losses of around Rs 1,500-1,700 crore due to the steep rise in prices. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close.

The daily pricing of fuel was enforced by the government in June a year ago to align with the worldwide oil prices and currency volatility. The oil prices are now revised everyday at 6 am, after state-owned oil companies chose to do away with the 15-year-old practice of revising fuel prices on the 1st and 16th of every month. The prices of diesel have also been hiked and it will have an adverse impact on the citizens as transport departments across the country are expected to raise the price of their services.