Petrol, Diesel Prices Raised For The Fourth Straight Day

On Wednesday, fuel prices were increased for the fourth straight day as government-owned oil marketing companies have restarted their daily revision of prices, ending an 82-day hiatus in rate revision.

Petrol prices per litre were raised by 40 paise on Wednesday to Rs 73.40 in New Delhi, Rs 75.36 in Kolkata, Rs 80.40 in Mumbai, Rs 77.43 in Chennai, Rs 72.86 in Gurgaon, Rs 75.77 in Bengaluru and Rs 76.20 in Hyderabad.

Diesel prices per litre were raised to Rs 71.62 in New Delhi, Rs 67.63 in Kolkata, Rs 70.35 in Mumbai, Rs 70.13 in Chennai, Rs 64.90 in Gurgaon, Rs 68.09 in Bengaluru and Rs 70 in Hyderabad.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Despite the sharp correction in international oil prices in April and central government's hike in excise duties of Rs 10 per litre on petrol and Rs 13 per litre on diesel on 6 May, the discount or rise was not passed on to consumers.

On Wednesday, Brent crude, the international benchmark for oil prices, has doubled from its April lows, trading at $40 per barrel.