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Home / Business News / Petrol gets costlier by 40 paise/litre, diesel by 45 paise as fuel prices rise for fourth day in a row

Petrol gets costlier by 40 paise/litre, diesel by 45 paise as fuel prices rise for fourth day in a row

On Tuesday, the petrol price saw an increase of 54 paise per litre while diesel price was hiked by 58 paise a litre after oil PSUs ended 82-day hiatus in rate revision.

business Updated: Jun 10, 2020 09:57 IST
hindustantimes.com |Edited by Sparshita Saxena
hindustantimes.com |Edited by Sparshita Saxena
Hindustan Times, New Delhi
Petrol gets costlier by 40 paise/litre, diesel by 45 paise as fuel prices rise for fourth day in a row
Petrol gets costlier by 40 paise/litre, diesel by 45 paise as fuel prices rise for fourth day in a row(Sanchit Khanna/HT PHOTO)

Petrol and diesel price on Wednesday witnessed a hike for the fourth consecutive day. While the petrol price was hiked by 40 paise per litre, the price of diesel was increased by 45 paise. On Tuesday, the petrol price saw an increase of 54 paise per litre while diesel price was hiked by 58 paise a litre after oil PSUs ended 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.40 per litre from 73.00, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, as per a price notification of state oil marketing companies.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

(With inputs from PTI)

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