Second hike in two days: Petrol, diesel prices dearer 85 paise each

Oil marketing companies (OMCs) hiked prices of petrol and diesel by up to 85 paise a litre each for the second day on Wednesday. The increase varied in four metro cities, depending on the respective state’s value added tax.

Petrol and diesel are costliest in Mumbai at Rs 111.67 and Rs 95.85 a litre, respectively. It is only in Delhi that petrol still costs less than Rs 100. The fuel price was over Rs 100 in three other metros even before the latest price hike. Petrol price was hiked by up to Rs 1.69 and diesel by Rs 1.71 a litre in the past two days.

However, petrol and diesel prices need to be raised by up to Rs 25 a litre for fuel retailers to cover the losses they incurred by keeping the rates on hold due to assembly elections in five states, despite the rise in the cost of crude. This means more price hikes would be announced in the coming days.