Petrol, diesel prices may cross Rs 80 per litre, no immediate duty cut expected
Domestic rates of auto fuels may soon cross the Rs 80 per litre-mark as international oil prices continue to surge, leading to 17th straight hike in retail prices of petrol and diesel that soared to Rs 79.76 per litre and Rs 79.40 a litre, respectively on Tuesday in Delhi, people aware of the development have said.
International benchmark Brent crude surged 1.74% at $43.83 on Tuesday. This was an almost 2% jump which would mean about 60-70 paise per litre hike in petrol and diesel rates, unless oil marketing companies (OMCs) absorb some price shock, executives working on state-run oil marketing companies said requesting anonymity.
If the full impact of international oil price is passed on to the customer, pump prices of petrol and diesel could cross Rs 80 per litre on Wednesday, they added.
