Petrol, diesel prices hiked for 9th straight day

Oil marketing companies (OMCs) have once again hiked petrol and diesel prices across the country on Wednesday. Petrol and diesel rates have been increased by roughly 25 paise each, marking the ninth consecutive day of hike in fuel prices.

In Delhi, the cost of petrol now stands at Rs 89.54 per litre, while in Mumbai it has touched Rs 96 for the first time ever. Petrol price has crossed Rs 90 in many cities including Kolkata, Chennai, Bengaluru, Bhubaneshwar, Hyderabad, Jaipur, Patna and Thiruvananthapuram.

Diesel rates have also seen a sharp rise over the past nine days. It is now retailing at Rs 79.95 per litre in the national capital. Diesel rates have crossed Rs 80 in most parts of the country except Delhi and Chandigarh.

In Rajasthan’s Sriganganagar and Hanumangarh, diesel rates have already breached the Rs 90-mark. In other cities in the state, diesel rates are on the verge of touching Rs 90 per litre. The situation is the same for cities and towns in Madhya Pradesh.

Petrol and diesel rates in the country have increased well over Rs 2 per litre each in the latest round of hike.

The reason behind the increase in fuel prices in India is the firming of global crude oil rates. Global crude oil rates have mostly crossed $60 per barrel and expected to rise further as demand gets stronger. This along with high fuel taxes in India have pushed petrol and diesel rates in the country to record high levels.