Petrol and diesel prices record fresh hike: Check rates

Fuel prices record fresh hike: Check rates in major cities
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Fuel prices recorded a hike yet again on Friday. This hike comes after a two days pause, taking the prices for petrol and diesel to a fresh record high.

The price for Petrol was increased by up to 27 paise per litre and diesel by 28 paise across metros. The changes in the cost of essentials come as per the Indian Oil Corporation (IOC) data.

A litre of petrol will cost Rs 94.76 and a litre of diesel will cost Rs 85.66. While in Mumbai the price of petrol now nears Rs 101 mark as it rose to Rs 100.98 per litre on Friday. While diesel stands at Rs 92.99 a litre. Apart from crude prices, a lot of factors contribute to the hike in petrol and diesel prices.

Petrol and diesel prices in Chennai stood at Rs 96.23 & Rs 90.38 per litre respectively. For Kolkata, prices remained at Rs 94.76 for petrol & Rs 88.51 a litre for diesel. CLICK HERE TO READ MORE ABOUT THE INDIAN ECONOMY AT PRESENT

Prices for diesel and petrol differ from state to state depending on the value-added tax. Crude oil prices have been rising steadily since the beginning of 2021.

The Organisation of Petroleum Exporting Countries (OPEC) extended supply cuts made in 2020 when crude oil prices had reached a low of under 19 dollars per barrel.

Moreover, the rise in crude oil prices has been contributing to petrol and diesel price rise also.

In 2020, India saw a hike in central excise duties on petrol by Rs 13 per litre and on diesel by Rs 16 per litre. The move aimed to shore up revenues as economic activity fell during the pandemic.

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