The state-run oil marketing companies (OMCs) hiked the prices of petrol and diesel by 27-28 paise per litre on Monday, June 7. With the latest round of increase, the price of both fuels has reached new highs across the country. In the last one month alone, prices of both key fuels witnessed a hike 16 times, which saw a collective increase of nearly Rs 5 per litre in petrol and Rs 6 per litre in diesel prices. On the other hand, a week into the month of June and the prices of fuel have already witnessed three significant hikes.
After today’s hike, the price of petrol and diesel increased to Rs 95.31 and Rs 86.22 per litre in the national capital, as per Indian Oil Corporation data. Whereas in the financial capital, fuel prices have already been retailing at an all-time high since May 29 when the price of petrol crossed the Rs 100 per litre mark. Post today’s hike, petrol prices peaked new highs in Mumbai as it currently retails at Rs 101.52 per litre, while diesel is retailing at 93.58 per litre.
Similarly, in Kolkata the price of retail petrol price is Rs 95.28 and Rs 88.51 per litre for diesel. In Chennai the prices stand at Rs 96.23 and Rs 90.38 per litre for petrol and diesel respectively.
Meanwhile, in the global markets, Brent futures for August jumped 28 cents, or 0.4 percent and was trading at USD 71.89 per barrel. While the West Texas Intermediate (WTI) crude for July touched USD 69.62 per barrel, up 29 cents, or 0.4 percent, the report further cited Reuters data.
Today’s hike marks the 20th instance in prices of both key fuels since May 4, as OMCs ended their 18-day hiatus in rate revision following legislative assembly elections in several states. In these past hikes the price of petrol shot up by Rs 4.36 per litre and diesel by Rs 4.93 per litre in Delhi alone.
The prices of both fuels are reviewed by OMCs such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. The fuel prices also vary from state to state across the country due to the value-added tax or VAT.
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