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OMCs hike petrol & diesel prices for 8th consecutive day

Petrol and diesel rates have been increased across the country, and vary from State to State depending on the incidence of local sales tax or VAT. Photo for representational purposes only.

Petrol and diesel rates have been increased across the country, and vary from State to State depending on the incidence of local sales tax or VAT. Photo for representational purposes only.  

Petrol price hiked by 62 paise/litre, diesel by 64 paise; rates up by ₹4.52 and ₹4.64 in 8 days

State owned oil marketing companies (OMCs) on Sunday increased the price of sensitive petroleum products petrol and diesel for the eighth consecutive day.

The price of petrol was increased by 62 paisa a litre and diesel by 64 paisa a litre, as OMCs continued to adjust retail rates in line with costs, after an 82-day break from rate revision because of the coronavirus pandemic.

"In Delhi, one litre of petrol costs ₹75.78, up from ₹75.16 per litre on Saturday, an increase of 62 paise. Diesel price rose 64 paise to  ₹74.03 per litre from ₹73.39 per litre," according to Indian Oil Corporation Limited (IOCL) website.

Similarly, in Mumbai, one litre of petrol cost ₹82.70, up from ₹82.10 on Saturday, while diesel rates were increased to ₹72.64 per litre from ₹72.03.

Petrol price per litre in Chennai stood at ₹79.53, up 54 paise from ₹78.99 on Saturday while diesel became costlier by 54 paise, rising to ₹72.18 per litre.

In Kolkata price of a litre of petrol rose 59 paise to ₹77.64 per litre. The price of one litre of diesel on Sunday was ₹69.80, up from ₹69.23 on Saturday.

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

OMCs have increased the petrol price by ₹4.52 per litre and diesel by ₹4.64 in the last eight days.

The freeze on base selling price was imposed in mid-March, after the Centre increased excise duty on petrol and diesel to help generate finances.

OMCs instead of passing on the excise duty hikes then to the customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices. 

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Printable version | Jul 3, 2020 4:26:55 PM | https://www.thehindu.com/news/national/petrol-diesel-prices-hiked-for-eighth-day-in-a-row/article31825254.ece

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