Fuel on fire! Petrol, diesel prices increased for 11th day straight; rates up by Rs 6.4 per litre

Petrol and diesel prices rose by 52-60 paise per litre across all major cities today, the11th consecutive hike by oil marketing companies. The fuel price hike takes the overall increase in the past 11 days to Rs 6.02 per litre for petrol and Rs 6.4 per litre for diesel.

Petrol and diesel prices were increased by 55 paise and 69 paise in Delhi, taking the price per litre to Rs 77.28 and Rs 75.79, respectively. In Kolkata, petrol saw 47 paise hike to Rs 79.08, while diesel prices increased by 54 paise to Rs 71.38 per litre.

The financial capital of the country, Mumbai, saw petrol and diesel prices going up by 53 paise and 57 paise to Rs 84.15 and Rs 74.32, respectively. In Chennai, petrol saw 45 paise hike to Rs 80.86, while diesel prices were increased by 48 paise to Rs 73.69 per litre.

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After a break of 82 days, oil marketing companies started increasing petrol and diesel prices from June 7. The rates were frozen soon after the government increased excise duty on petrol and diesel to shore up finances. Rates across the country vary from state to state and depend on the local sales tax or VAT.

Fuel retailing in the country is dominated by state refiners Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation that own about 90 per cent of all the retail outlets in the country. The OMCs have adjusted fuel against the fall in retail rates that took place due to the decline in international oil prices.

Petrol and diesel prices in four metro cities

• New Delhi: Rs 77.28 for petrol, Rs 75.79 for diesel
• Kolkata: Rs 79.08 for petrol, Rs 71.38 for diesel
• Mumbai: Rs 84.15 for petrol, Rs 74.32 for diesel
• Chennai: Rs 80.86 for petrol, Rs 73.69 for diesel

Meanwhile, crude oil prices rose 3% on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about the second wave of coronavirus cases, reported Reuters. Brent crude futures LCOc1 ended the session up $1.24, or 3.1%, at $40.96 a barrel while U.S. West Texas Intermediate crude (WTI) CLc1 rose $1.26, or 3.4% to settle at $38.38 a barrel.

Also read: Petrol prices increase by Rs 5 in 9 days; check today's fuel rates