Petrol and diesel prices in the country were hiked again by oil marketing companies (OMCs) on Wednesday after a day’s gap. The hike - 22nd since May 4 - took fuel prices across the country to a historic high.
Petrol and diesel prices were hiked by 25 paise each on Wednesday, according to a price notification by state-owned fuel retailers.
After today’s hike, petrol prices in Delhi rose to Rs 95.56 per litre against Rs 95.31 on Tuesday, while diesel price soared to Rs 86.47 per litre as compared to Rs 86.22 a litre on Tuesday.
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 101.76 and Rs 93.85 per litre respectively.
The price of petrol and diesel in Chennai was Rs 96.94 and Rs 91.15 per litre respectively and Rs 95.52 and Rs 89.32 per litre in Kolkata.
Retail prices have risen after an increase in international oil prices on investors' optimism that improving demand and a dwindling supply glut may mean the market can absorb any additional production from OPEC and its allies. Brent crude, the global oil price benchmark, is nearing USD 72 per barrel for the first time in two years.
The hike on Wednesday was the 22nd increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 22 increases, petrol price has risen by Rs 5.21 per litre and diesel by Rs 5.81 a litre.
(With inputs from Agencies)