Petrol, diesel prices increased by 80 paise a litre in third hike this week – Times of India

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NEW DELHI: Petrol and diesel prices were hiked by 80 paise a litre each on Friday, the third increase in four days. Price of petrol & diesel in Delhi at Rs 97.81 per litre & Rs 89.07 per litre respectively today, they have been increased by 80 paise, according to a price notification of state fuel retailers.
In Mumbai, the petrol & diesel prices per litre at Rs 112.51 & Rs 96.70 (increased by 84 paise & 85 paise respectively). In Chennai, the price of petrol is Rs 103.67 & diesel is Rs 93.71 (increased by 76 paise) and in Kolkata, the price of petrol is Rs 106.34 (increased by 84 paise) and diesel is 91.42 (increased by 80 paise).
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates and similar proportion hikes have followed in subsequent days.
Prices had been on a freeze since November 4 ahead of the assembly elections in five states. During this period, the price of crude oil soared by $30 per barrel.
Fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion in revenue for keeping petrol and diesel prices on hold during elections, according to Moody’s Investors Services. These retailers dominate fuel retailing and tend to move prices together.
Experts expect the price hike to continue in the coming days as crude oil prices have increased significantly.
(With inputs from agencies)



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