Petrol, diesel prices hiked for third consecutive day
NEW DELHI: Fuel prices on Tuesday witnessed a third straight daily increase as oil PSUs (public sector undertakings) ended their 82-day pause in rate revision. Petrol prices have been hiked by 54 paise per litre and diesel by 58 paise.
Petrol price in Delhi was hiked to Rs 73 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.
Oil PSUs had put daily price revisions on hold soon after the government hiked excise duty on petrol and diesel by Rs 3 per litre each on March 14. The excise duty hike wasn’t passed on to consumers and oil companies, instead, set them off against the subsequent decline in retail prices.
India imports 85% of its oil needs, and retail fuel prices are benchmarked to international rates. Daily revision in fuel prices started from June 16, 2017, to reflect market dynamics in pump rates.
