Petrol, diesel prices hiked by 80 paise a litre for second day in a row
Petrol and diesel prices on
Wednesday were hiked by 80 paise a litre each for the second day in a row since
the ending of an over four-and-half month hiatus in rate revision.
Petrol in
Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while
diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a
price notification of state fuel retailers.
A record 137-day hiatus in rate revision ended on March 22 with an
80 paise per litre increase in rates. Prices had been on a freeze since
November 4 ahead of the assembly elections in states like Uttar Pradesh and
Punjab - a period during which the cost of raw material (crude oil) soared by
USD 30 per barrel.
Oil companies are now recouping the losses.
According to CRISIL Research, a hike of Rs 15-20 per litre is
required to fully pass the increase in international oil prices.
India is 85 per cent dependent on imports to meet its oil needs.
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