Fuel prices were hiked for the third consecutive day on Saturday. While petrol price went up by 19-20 paise in major cities across the country, diesel prices witnessed a 29-31 paise hike. In Delhi, petrol was retailing at Rs 69.26 per litre after today’s price revision while diesel is priced at Rs 63.10 per litre in the city.
Petrol price in Mumbai is a little below Rs 75 per litre mark while diesel price crossed the Rs 66 per litre on Saturday. A litre of petrol is priced at Rs 74.91 while diesel is priced at Rs 66.04. In Kolkata, a litre of petrol is retailing at Rs 71.39 whereas diesel price went up to Rs 64.87 per litre.
Petrol in Chennai became costlier by 20 paise and is retailing at Rs 71.87 compared to Rs 71.67 on Friday. Diesel in the city is retailing at Rs 66.62 up 31 paise from yesterday’s Rs 66.31 per litre. It may be noted that that the Karnataka government increased the state tax on petrol and diesel by 2 per cent with effect from January 1. So, petrol in Hyderabad is priced at Rs 73.41 per litre while diesel is selling at Rs 68.57.
Petrol in Noida was retailing at Rs 69.56 on Saturday as against 69.22 yesterday. Diesel price also witnessed 44 paise hike and was it selling at Rs 62.84 per litre.
Major PSUs have been increasing fuel prices despite a dip in global oil prices on Friday. Fuel prices are being increased considering solid weekly gains posted by global crude prices. All major crude oil benchmarks fell on Friday while Brent Crude oil was trading at $60.48 per barrel. Despite Friday’s price fall, Brent crude is set for weekly gains of more than 7 per cent.
It is worth mentioning that fuel prices in the country reached its peak on October 4 last year amid low production and sanctions. After excess global production led to a steep fall of about 30 per cent in global crude oil prices, petrol and diesel prices in the country started coming down. However, the price of essential fuels might witness another hike as OPEC-led nations have decided to lessen oil production again.