India sees 3rd hike in petrol, diesel prices in a week. Check updates here

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The petrol and diesel prices witnessed another 80-paise hike per litre on Friday, third increase in four days. Petrol and diesel have seen an overall increase of 2.4 per litre after months-long hiatus as India’s top fuel retailers kept fuel prices on hold during elections in five states.

After the third hike, petrol and diesel are being sold in Delhi at 97.81 per litre and 89.07 per litre, respectively.

In Mumbai, the petrol and diesel prices per litre are at 112.51 and 96.70, an increase of 84 paise and 85 paise respectively.

Chennai saw a 76-paise increase in retail fuel prices, taking the cost of petrol and diesel at 103.67 and 93.71. In Kolkata, the price of petrol is at 106.34 (increased by 84 paise) and diesel is 91.42 (increased by 80 paise).

In a sarcastic remark, Leader of Opposition in the Rajya Sabha Mallikharjun Kharge called for increasing the fuel prices in one go instead of hiking it in parts.

“They are increasing prices by 80 paise, sometimes by Re 1. If they (Centre) want to increase the price, then increase it in one go. Be it 10, 15 and 20,” ANI quoted the Congress leader as saying.

“They are troubling the people by increasing the prices like this. They are playing with the lives of the common man.”

On Thursday, Moody’s Investors Services said that state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (HPCL) together lost around 19,000 crore in revenue for keeping the prices on hold.

“Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around USD 25 (over 1,900) per barrel and USD 24 per barrel on sale of petrol and diesel, respectively,” Moody’s said in a report.



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