Published: Thu, May 17, 2018
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Petrol Costs Over Rs 75 per Litre In Delhi Today

Petrol Costs Over Rs 75 per Litre In Delhi Today

Diesel prices were hiked by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai. With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi. Diesel prices are at 69.11 in Kolkata and Rs 70.25 in Chennai.

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

In the other metropolitan cities of Kolkata, Mumbai and Chennai also, petrol prices were at fresh multi-year high levels of Rs 77.79, Rs 82.94 and Rs 77.93 per litre respectively, data from the Indian Oil Corporation (IOC) website showed.

According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the global level, even if crude oil prices do not increase from the current level".

He further said that the prices of the cooking gas (LPG) and civil aviation fuel have remained static at Rs 1,375 per cylinder and Rs 95 per litre respectively. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier.

According to Telangana Petroleum Dealers Association, during the last three days, fuel prices were increased by 32 paise on petrol and 72 paise on diesel.

The new prices took effect at 6 a.m. on Monday.

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