Petrol and diesel prices were hiked on Monday yet again by at least 30 paise a litre. This is the sixth time since last week that petrol and diesel prices have gone up -- witnessing an overall increase of up to Rs 4.10 per litre, after a four-month hiatus.
After today's hike, petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.10 previously, witnessing a 30 paisa hike. While diesel rates have gone up to cost Rs 90.77 per litre, from Rs 90.42, a 35 paisa hike, according to a price notification of Rajdhani service station, state-owned fuel retailers.
In the first four occasions, prices were increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017.
In Mumbai, petrol price has reached Rs 113.88 per litre, from Rs 111.67 per litre on Wednesday last week. While the diesel price has surged from Rs 95.85 per litre to Rs 98.13 per litre within five days, according to a notification by state-owned fuel retailer.
In Chennai the cost of petrol and diesel to Rs 108.18 and Rs 95.33 respectively. In Kolkata, the price of petrol is at Rs 108.85 and diesel is Rs 93.92.
Petrol and diesel prices vary from state-to-state based on factors like international crude oil prices, value-added tax (VAT) levied on fuel across different states, freight charges and international exchange rate. State-backed oil marketing companies (OMCs) revise petrol and diesel prices on a daily basis at 6 am.
Experts say that the third day of fuel price hike in the same week raises alarming concerns of stoking inflation, which is already above the targeted 6 per cent.
This revision is based on the average of international benchmark prices over the past 15 days, and state-run OMCs - Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd(HPCL) – could revise retail petrol and diesel prices daily.
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