Fuel prices continue to soar for the third consecutive day in a row after oil PSUs ended an 82-day hiatus in rate revision. While petrol prices was hiked by 54 paise per litre , diesel witnessed an increase of 58 paise a litre.
Following the price hike, petrol in Delhi will cost Rs 73.00 per litre, while diesel Rs 71.17 a litre from Rs 70.59. In other cities, the increase could vary depending on the tax structure on products.
India imports 85% of its oil needs, and retail fuel prices are benchmarked to international rates. Daily revision in fuel prices started from June 16, 2017, to reflect market dynamics in pump rates.
Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
Earlier on Monday, Oil companies raised prices by 60 paise per litre on both petrol and diesel. Notably, Oil PSUs, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), had put daily price revisions on hold soon after the government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each.
Speaking to PTI, an oil company official said that petrol and diesel prices were frozen due to extreme volatility in the international oil markets. Since the markets have relatively stabilised, daily price revision has started again, he added.