Petrol, diesel rates hiked sharply for 9th consecutive day

Petrol and diesel prices were on Monday hiked sharply for the ninth consecutive day, in line with earlier expectations that fuel prices are expected to rise at least 5-6 rupees.

After Monday’s revision, petrol price has been hiked by a litre while diesel rate has been increased by 59 paise.

It may be noted that petrol price has already gone up by Rs 5 as a result of the nine consecutive upward revisions; diesel rates have almost gone up by the same amount.

The fresh daily hike in prices started from June 7 after a gap of 82-days in view of the lockdown.

Data from Indian Oil Corporation’s website showed that the price of a litre of petrol in Mumbai was retailing at Rs 83.17, compared to yesterday’s rate of Rs 82.70. Diesel price in Mumbai stands at Rs 73.21 per litre.

In Delhi, petrol was retailing at Rs 76.26 per litre, up 48 paise from yesterday’s rate of Rs 75.78.

Diesel price in the national capital also went up from yesterday and is retailing at Rs 74.62 per litre.

Likewise, petrol and diesel rates have been increased in all major metro cities today.

It may be noted that revenues of oil companies in the country dwindled during the lockdown. The daily revision of fuel prices stopped after the government hiked excise duty on petrol and diesel.

Meanwhile, global crude oil prices fell over 2 per cent on Monday, continuing its negative outlook from the past week.

Global oil companies are once again tensed with the reemergence of coronavirus cases in some countries. Analysts say that a second wave of the deadly virus outbreak could severely affect equity and commodity markets.

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