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Petrol, diesel prices hiked for 7th day in a row

Fuel prices have been on a northward journey ever since an attack on Saudi Arabia's Armaco oil processing facility last week that knocked off more than 5% of global oil supply.

ET Online|
Sep 23, 2019, 03.28 PM IST
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Agencies
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A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.
Prices of petrol and diesel were hiked again today, making it the 7th day in a row. Petrol got costlier by 29 paise per litre today while diesel prices jumped by 19 paise per litre.

With this petrol and diesel prices are now at a year-high in India.

In the national capital, petrol is available at Rs 73.91 per litre, while in Mumbai you have to pay Rs 79.57 today. Petrol is retailing at Rs 76.83 in Chennai, while in Kolkata it is at Rs 76.60.

Diesel rates were recorded at Rs 66.93, Rs 69.35, Rs 70.22 and Rs 70.76 per litre in the four metros, according to the Indian Oil Limited website.

Fuel prices have been on a northward journey ever since an attack on Saudi Arabia's Armaco oil processing facility last week that knocked off more than 5% of global oil supply.

A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

However, government sources have indicated that, even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high auto fuel prices as oil companies and the government may absorb a portion of the price hike.

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