After a two-day break, petrol and diesel prices in the country were hiked again by state-run oil marketing companies (OMCs) on Friday. The hike -- 11th this month -- pushed petrol and diesel prices to all-time high levels across the country.
On Friday, petrol price was hiked by a steep 19 paise per litre and diesel by 29 paise a litre, according to a price notification by state-owned fuel retailers.
After today’s hike, petrol prices in Delhi rose to Rs 93.04 per litre against Rs 92.85 on Thursday, while diesel price soared to Rs 83.80 per litre as compared to Rs 83.51 a litre on Thursday.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
In Mumbai, the price of petrol and diesel stood at Rs 99.32 and Rs 91.01 per litre respectively.
The price of petrol and diesel in Chennai was Rs 94.71 and Rs 88.62 per litre respectively and Rs 93.11 and Rs 86.64 per litre in Kolkata.
This is the eleventh increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel based on average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104 per litre and Rs 96.62 a litre, respectively.
In 11 increases, petrol price has risen by Rs 2.64 per litre and diesel by Rs 3.07.
Crude prices down
Crude oil prices on Thursday fell Rs 32 to Rs 4,637 per barrel after the participants reduced their positions. On the Multi Commodity Exchange, crude oil for the June delivery dropped by Rs 32, or 0.69 percent, to Rs 4,637 per barrel with a business volume of 5,761 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand. Globally, West Texas Intermediate crude oil was trading 0.35 per cent lower at USD 63.14 per barrel. Meanwhile, Brent crude, the international benchmark, fell 0.06 percent to trade at USD 66.62 per barrel in New York.
(With inputs from PTI)