Petrol prices increase by record 62 paise; hike of Rs 4.5 in just eight days

The oil marketing companies (OMCs) on Sunday increased petrol price by record 62 paise and diesel by 64 paise. It's the eighth consecutive hike by OMCs since companies began hiking prices on June 7 after an 82-day hiatus. Petrol price in Delhi was increased to Rs 75.78 per litre from Rs 75.16 while diesel rates were increased to Rs 74.03 a litre from Rs 73.39, according to a price notification of state oil marketing companies. The rate hike is the highest since the daily price revision was started in June 2017.

In eight hikes, petrol price has gone up by Rs 4.52 per litre and diesel by Rs 4.64 - a record increase in rates in any eight days since the daily price revision was introduced. The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Meanwhile, petrol and diesel prices increased for the 7th consecutive day on Saturday. According to yesterday's price revision, diesel prices went up by 58 paise litre, whereas petrol became costlier by 59 paise per litre in major cities across the country. This was the seventh daily increase in rates in a row since June 7.

Oil PSUs such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) adjust the hike in excise duty against the fall in retail rates warranted due to a drastic decline in international oil prices.

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