Petrol, Diesel price hiked by more than ₹2 in just 4 days

NEW DELHI : For the fourth consecutive day today, oil firms hiked the price of petrol and diesel by 40 paise a litre and 45 paise a litre, respectively. After a gap of more than 80 days, fuel rates started seeing a daily revision from last Sunday. During those last four days, the price of petrol has gone up by ₹2.14 a litre and that of diesel by ₹2.23 a litre (Delhi rates).

The hike in fuel prices comes amid the reopening of the Indian economy under ‘Unlock 1.0’ and a recovery in the crude oil market.

Latest petrol, diesel prices in top cities:

New Delhi: Petrol ₹73.40. Diesel ₹71.62

Gurgaon: Petrol ₹72.86. Diesel ₹64.90

Mumbai: Petrol ₹80.40. Diesel ₹70.35

Since March, the central government has hiked excise duty on both the fuels twice. On March 14, hiked excise duty on petrol and diesel was increased by ₹3 per litre each and on May 6, tax on petrol was increased by ₹10 per litre and ₹13 a litre on diesel. However, it did not led to an increase in retail prices as the hike in taxes was offset by a massive fall in crude oil rates.

According to a report, the gap between cost and sale price of petrol and diesel for OMCs had gone up to ₹4-5 per litre last week, making a price hike imminent. Crude oil rates have almost doubled in a month.