Petrol, diesel hiked again for 3rd straight day on Saturday

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Petrol and diesel price were hiked again for the third straight day on Saturday. Today, Petrol was sold in Delhi at Rs 69.26 per litre while diesel is priced at Rs 63.10 per litre. In Mumbai, petrol is priced at Rs 74.91 per litre while diesel is priced at Rs 66.04 per litre on Saturday. In Kolkata, a litre of petrol is selling at Rs 71.39 per litre and diesel priced at  Rs 64.87 per litre.

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In Chennai petrol became costlier by 20 paise and is selling at Rs 71.87 compared to Rs 71.67 yesterday. Diesel is selling at Rs 66.62 up 31 paise from Friday’s Rs 66.31 per litre. In Hyderabad petrol is priced at Rs 73.41 per litre while diesel is retailing at Rs 68.57. The government of Karnataka increased the tax on fuel by 2 per cent with effect from January 1.

It may be noted that the recent reduction in the value of rupee against the US dollar has offset gains from the dropping crude oil rates. Crude prices cut by over 30 per cent since early October last year when it was at USD 86 per barrel, making a forecast of USD 100 crude by January look true. The same reason, therefore, has brought down retail fuel prices to  2 month low. In India, retail fuel rates depend on both international oil price and the rupee-dollar exchange rate. Petrol and diesel price depend on the international prices of benchmark fuel and the rupee-US dollar exchange rate.

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