Petrol prices hiked again: Check rates in your city

Petrol diesel prices touch new high in two days

Petrol diesel prices touch new high in two days

Diesel price in India today: It's a insane world for Indian fuel prices, as the state-owned OMCs have continued to hike diesel prices to record highs for third consecutive day in various state capitals in India.

Prices of petrol and diesel were on Wednesday hiked again for the third consecutive day, as petrol price cross Rs 75 in the national capital while diesel was retailing at Rs 66.57. Diesel prices touched Rs 68.9 in Kolkata (Rs 68.68 on Monday), Rs 70.66 in Mumbai (Rs 70.43) and Rs 70.02 in Chennai (Rs 69.79). The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

Petrol and diesel prices had been hiked again for a second day in a row. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision, following which fuel prices are revised at 6 am every day.

The hike is all set to burn a bigger hole in commuters' pockets across the nation, as petrol will now cost Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.

In Delhi, the per litre price of petrol and diesel stood at Rs 74.95 and 66.36 respectively, on Tuesday.

However, oil PSUs have no option but to increase the rates considering the rising price of crude oil globally. Diesel price has also hit its all time high since abolition of LBT here. He also added the freeze in fuel prices by all the three OMCs was not synchronized nor was it an attempt at cartelization and explained that OMCs do have discretionary powers when it comes to pricing of fuels.

According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013.

M K Surana, chairman at Hindustan Petroleum (HPCL) said in an interview that if the global fuel prices continue to surge, OMCs will have to pass on the increase to consumers. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%. The centre had cut excise duty on petrol and diesel by Rs 2 per litre in October last year for the first time in four years.

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