New Delhi: Petrol and diesel prices were today hiked simultaneously across the country. The revision in rates comes after one-day pause by Oil Marketing Companies. The increase in fuel prices spells bad news for consumers as we enter the festive season.
Petrol, Diesel Prices in Mumbai, Delhi, Other Cities Today
- Petrol price in Mumbai went up by 24 paise to Rs 107.71 per litre and diesel becomes costlier by 31 paise to hit Rs 97.52 per litre. In Delhi, petrol price has been increased by 25 paise to Rs 101.64 per litre and diesel rate is up by 30 paise to Rs 89.87 per litre.
- In Kolkata, petrol becomes costlier by 30 paise to Rs 102.17 per litre and diesel is up by Rs 92.97 per litre. Petrol price in Kolkata is Rs 102.17 per litre after a hike of 30 paise and diesel becomes costlier by 30 paise to Rs 92.97 per litre.
- Meanwhile, petrol price in Bhopal has breached Rs 110-mark as the hike of 26 paise has taken the rate to Rs 110.11 per litre. Diesel price is Rs 98.77.
Meanwhile, benchmark crude prices have settled a tad lower at USD78 a barrel now after shooting over three year high level of USD80 a barrel earlier this week, IANS reported on Wednesday.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m, IANS reported.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates, as per IANS report.
But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel, the IANS report says.
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