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Petrol Costs Over Rs 75 per Litre In Delhi Today

Petrol Costs Over Rs 75 per Litre In Delhi Today

State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre.

In Delhi, the per litre price of petrol and diesel stood at Rs 74.95 and 66.36 respectively, on Tuesday.

The petrol prices are Rs77.79 in Kolkata, Rs82.94 in Mumbai and Rs77.93 in Chennai, respectively.

The hike is all set to burn a bigger hole in commuters' pockets across the nation, as petrol will now cost Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.

The previous prices recorded in these cities was Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013), according to IANS. On Monday, the first hike in petrol, diesel rates was witnessed.




This followed public sector oil marketing companies revising the fuel prices across the country, something that they opted for after a gap of nearly three weeks.

This rise in prices of transport fuels comes amid continuous gains in crude oil prices globally. "The daily increase would have to be higher than normal to reach the true market reflective prices for these two products", said a source in an oil marketing company, asking not to be named. Also, the rupee has weakened to Rs 67 per USA dollar from Rs 66.62, making imports costlier. State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in global oil rates and fall in rupee against the USA dollar during this period.

The new prices took effect at 6 a.m. on Monday.

"The OMCs which sustained all the losses due to it, will now certainly try to recover their losses by increasing the oil prices" said Madan Sabnavis, Chief Economist at CARE Ratings.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October a year ago by Rs 2 a litre.


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