Petrol, diesel price today hiked for fifth time in six days. Check new rates
Petrol and diesel price hikes continue on Sunday as fuel prices touched new high today across India. This is the fifth hike within last six days, taking overall hike of petrol and diesel prices to ₹3.70 per litre. Petrol price today was hiked by 50 paise per litre while diesel price today has been increased by 55 paise per litre.
Petrol price in Delhi today is at ₹99.11 per litre as against ₹98.61 previously. Diesel price in Delhi has gone up from ₹89.87 per litre to ₹90.42. In Mumbai, petrol price today is at ₹113.88 after a hike of 53 paise per litre. Diesel price in Mumbai today has been hiked by 58 paise per litre, taking the price up to ₹98.13 per litre. In Kolkata, petrol price today has been increased to ₹108.53 per litre, while diesel price will cost ₹93.57 per litre. In Chennai, the price of petrol is ₹104.90 while diesel price now stands at ₹95.00 per litre.
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This is the fifth hike in last six days by the oil companies since they began revising rates of fuel on March 22. In all, petrol prices have gone up by ₹3.70 per litre and diesel by ₹3.75 in six days. Earlier, the oil companies kept price revision of petrol and diesel on freeze for nearly five months. In the last four hikes, prices of petrol and diesel had been increased by 80 paise a litre, making them the steepest single-day rise since daily price revision began in five years ago.
According to Moody's Investors Services, the oil companies lost around 2.25 billion dollars (roughly converted to ₹19,000 crore) in revenue for keeping petrol and diesel prices on hold for the past four and a half months. According to Kotak Institutional Equities, the oil companies require to increase diesel prices by ₹13.1-24.9 per litre and ₹10.6-22.3 a litre on petrol at an underlying crude price of 100-120 dollars per barrel. CRISIL Research had said a ₹9-12 per litre increase in retail price will be required for a full pass-through of an average 100 dollar per barrel crude oil.