Petrol, diesel prices hiked again by 80 paise, 4th hike in 5 days

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Bhubaneswar: State run oil marketing companies (OMCs) on Saturday raised fuel prices by Rs 0.80 per litre. This is the fourth hike  in the last five days.

Following this hike, the price of petrol and diesel in Delhi reached Rs 98.61 per litre and Rs 89.87 per litre respectively. Meanwhile, in Mumbai, the petrol and diesel prices per litre were at Rs 113.35 per litre and Rs 97.55 per litre, with an increase of Rs O.84 and Rs 0.85 respectively today. Among metro cities, fuel prices are the highest in Mumbai.

There have been four increases of Rs 0.80 per litre since daily the price revisions restarted on March 22 after a four-and-half-month long hiatus. The hikes are the sharpest yet since 2017 when the government linked petrol prices with international markets, initiating daily price revisions.

In four increases, petrol and diesel prices have gone up by Rs 3.20 a litre. Global crude oil prices have rallied by $30-a-barrel since November 4— when daily revisions were suspended in India due to elections.

Hike in domestic fuel price was largely expected after rise in international crude oil prices following the Russian attack on Ukraine and subsequent economic sanctions by USA and its western alliance partners. Crude oil prices have shot up over 25 per cent since the last hike in November.

 

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