Petrol prices were raised for the second day in a row on Friday. After a hike of around 14 paise, petrol is now being sold at Rs 75.85 per litre in Delhi.
In other major cities – Mumbai, Kolkata and Chennai – petrol is now priced at Rs. 83.24, Rs. 78.53, and Rs. 78.72 per litre respectively.
On Thursday, petrol prices were hiked for the first time in more than a month on the back of rising rates and weakening rupee.
The 16 paise a litre hike in petrol came after 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.
State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when petrol price was cut by 14 paise and diesel by 10 paise.
In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for READ MORE
Petrol and diesel prices were on Thursday hiked for the first time in more than a month on the back of rising international rates and weakening rupee.
The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.
The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC).
The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26.
“We had not changed prices for a few days in anticipation (of) OPEC decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue,” IOC Chairman Sanjiv Singh told READ MORE
BJP chief Amit Shah today said the Modi government’s decision to reduce petrol and diesel prices by Rs 2 shows its priority to giving relief to the common man and farmers at a time when oil price is rising globally.
The government had yesterday cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months.
Lauding Prime Minister Narendra Modi for the decision, Shah said in a tweet, “The decision to reduce the impact of rising international oil price highlights the priority the Modi government gives to providing relief to the common man and read more
Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty
on both branded and unbranded petrol and diesel
by Rs 2 a litre from Wednesday.
According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre.
While this would hit the revenues of the exchequer by Rs 13,000 crore in the second half of the current financial year at a time when the fiscal deficit has already touched 96 per cent of the Budget Estimates, consumers will get relief as the move would reduce the read more
prices in Delhi on Tuesday scaled a new all-time high of Rs 59.14 per litre, while other cities too saw a considerable increase.
However, industry experts and the government believe that prices will ease in the next few weeks as international prices are showing a declining trend.
In Delhi, the price of petrol, too, was at a two-year high on Tuesday at Rs 70.88 per litre.
Since the implementation of daily pricing from June 16 this year, Indian basket crude oil has gone up by around 19 per — from $46 a barrel to $55.36 a barrel. However, domestic retail selling prices of petrol
and diesel in Delhi have gone up by only eight per cent during this read more