Petrol, diesel prices hiked for fifth consecutive day

Petrol and diesel prices were hiked across the country for the fifth consecutive day on Saturday, ranging from 26 paise to 35 paise. In Delhi, the petrol price was hiked by 30 paise per litre, taking it to Rs 104.23.

Whereas, the prices of petrol and diesel in Chennai is Rs 101.27 and 96.93 per litre, respectively, up by 26 paise.

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Similarly, in Kolkata, the price of diesel as of Saturday is 95.58 per litre, up by 35 paise.

Prices of auto fuels rose on Friday too as global oil surged again, with benchmark Brent crude gaining over 1 per cent to cross $83 a barrel.

According to the Indian Oil Corporation, the country's largest fuel retailer, diesel prices increased by a sharp 35 paisa in the national capital while petrol prices increased by 30 paisa on Friday.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on ten of the previous 12 days taking up its pump price by more than Rs 2.50 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed the OMCs to effect the increase.

(With Agency Inputs)