Fuel rates at record high; petrol costlier by ₹1.40/litre in a week

Fuel rates have reached yet another record on Tuesday as state-run oil marketing companies raised petrol and diesel prices for sixth time in eight days making petrol costlier by ₹1.40 per litre and diesel by ₹1.63 a litre since May 4.

Public sector oil companies raised petrol by 27 paise per litre and diesel by 30 paise a litre on Tuesday even as their average cost of crude oil import fell to ₹4,934.27 a barrel from ₹5,055.82 a barrel about a week ago. Benchmark Brent crude also dropped by 1.2% at $67.50 per barrel during the intraday trade on Tuesday.

State-run fuel retailers are compelled to hike petrol and diesel rates now as they have to recover their past revenue losses for not raising