(HT)
Petrol was costlier by 54 paise a litre and diesel by 58 paise a litre on Tuesday, the third consecutive price hike after state-run fuel retailers ended an 82-day freeze on daily rate revision on Sunday. Consumer prices of petrol have jumped by Rs 1.74 a litre in Delhi since Sunday and diesel by Rs 1.78 a litre because of a surge in international oil prices after the producers’ cartel decided to extend record output cuts by a month till the end of July.
Brent crude was trading at $40.82 a barrel on Tuesday, 111% higher than its low of $19.33 on April 21. However, retail prices of fuel didn’t fall in India in line with the lower prices of crude because the government hiked levies and kept prices more or less the same.
Retail prices of petrol and diesel were first raised by 60 paise a litre each on Sunday, followed by similar hikes on Monday. Petrol is now sold in Delhi at Rs 73 a litre and diesel at Rs 71.17 a litre, according to Indian Oil Corporation (IOC), the country’s largest petroleum refiner and fuel retailer.
