Petrol Price Hiked For Fourth Consecutive Day After Assembly Elections, Diesel Rates Go up Too
Prices of petrol were hiked for the fourth consecutive day on Tuesday across the country, days after assembly elections concluded in five states.
New Delhi, December 18: Prices of petrol were hiked for the fourth consecutive day on Tuesday across the country, days after assembly elections concluded in five states. There was an increase in the rates of diesel as well. In Delhi, petrol was sold at Rs 70.63 per litre after a hike of ten paise. In Mumbai, petrol was retailed at Rs 76.25, up from nine paise from the earlier price.
A litre of petrol was sold at Rs 72.71 and Rs 73.29 in Kolkata and Chennai respectively after the hike. Oil companies raised diesel rates by seven paise in Delhi, Kolkata and Chennai. In Mumbai, there was a hike of eight paise in prices of diesel. A litre of diesel was sold at Rs 64.54 in the national capital. In Mumbai, a litre of diesel was priced at Rs 67.55. '71 Litres of Free Petrol or Diesel': Indian Oil Offers Bonanza to Citibank Credit Card Users.
In Kolkata and Chennai, a litre of diesel was retailed at Rs 66.30 and Rs 68.14 respectively. Price of the key transportation fuel rose for the first time in two months on December 13. The hike had come after the prices of the fuel went down over 15 per cent in the last two months from the highs recorded in mid-October.
The decline in diesel prices so far has been nearly 14 per cent from the highs touched in October. Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee. The rupee falling in value against the US dollar by over three per cent during this week has offset gains from lower crude oil prices. Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.
Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.
(The above story first appeared on LatestLY on Dec 18, 2018 12:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).