Petrol, diesel prices hiked; more to come as crude nears $80/barrel

Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared USD 80 per barrel mark for the first time in three years.

Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared USD 80 per barrel mark for the first time in three years. The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai. Prices differ from state to state depending on the incidence of local taxes. This is the first price increase in petrol price in more than two months and the fourth in case of diesel.

The increase followed international oil prices rising for the fifth consecutive day and global benchmark Brent heading for USD 80 per barrel. Tuesday was the first increase in petrol price since state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) on September 24 resumed daily price revisions, ending the pause in rates that had effected since September 5. In four price increases since September 24, diesel rates have gone up by 95 paise per litre. This negates three-fourths of the Rs 1.25 a litre cut in prices that happened between July 18 and September 5.

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