Petrol & Diesel Prices Continues to Increase Eighth Consecutive Day

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Petrol and diesel prices continued to rise as prices were hiked for eighth consecutive day. Petrol price was hiked by 62-64 paise, while diesel was hiked by 64-66 paise in major cities across the country.

According to the official website of Indian Oil Corporation, petrol now costs Rs 75.78 per litre in Delhi, Rs 83.70 per litre in Mumbai. Similarly, diesel costs Rs 74.03 a litre in Delhi, Rs 72.64 a litre in Mumbai. In Kolkata, a litre of petrol will cost Rs 77.64 per litre whereas diesel is now priced at Rs 69.80 per litre. In Chennai, a litre of petrol will cost Rs 79.53 per litre whereas diesel is now priced at Rs 72.18 per litre.

This is the eighth daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances. Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

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