Prices of petrol, diesel hiked again after 36 days

Prices of petrol, diesel hiked again after 36 days
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The Hush Post: After a gap of one month, the prices of petrol and diesel were hiked again on Thursday. The fuel prices were raised after a gap of 36 days.

A report said that the petrol and diesel prices were raised after 36 days and during this period, the petrol rates were reduced 22 times and diesel rates were slashed 18 times.

On Thursday, the prices of petrol were raised in the range of 16 to 17 paise in Metro cities, and the rates of diesel were hiked in the range of 10-12 paise in the daily price revision. After the revision of fuel prices, petrol now stands at Rs. 75.71 in Delhi and at Rs. 83.10 (where price came down by 2 paise) in Mumbai. In Kolkata and Chennai, petrol now stands at Rs. 78.39 and Rs. 78.57 per litre, respectively, the report said.

Rates of diesel also recorded a rise and now diesel stands at Rs. 67.50 in Delhi where fuel cost was raised by 12 paise on Thursday. In Mumbai, diesel will cost retail consumers Rs. 71.62 a litre after the price revision. In Kolkata and Chennai, diesel will be sold for Rs. 70.05 and Rs. 71.24 per litre, the report said.

The government-run oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) revise fuel prices on a daily basis with effect from 6 am. Petrol prices in Delhi are the lowest among all Metro cities for lower sales tax or VAT (Value Added Tax), the report said.

The central government raised excise duty on petrol by Rs. 11.77 a litre and that on diesel by Rs. 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell.

The last time when petrol, diesel prices were slashed across most cities was on June 26 when petrol price came down in the range of 14 to 18 paise, and diesel prices were cut in the range of 10-12 paise. The fuel prices have not risen since May 29 when the prices surged to record highs, then, on the back of high crude oil prices.

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