Note: Petrol price hiked by 15 paise per litre, diesel by 21 paise per litre
Source :NewsBharati   Date :16-May-2018

New Delhi, May 16: The prices of petrol and diesel were hiked on Wednesday 15 paise per litre and 21 paise per litre respectively in New Delhi. Notably, the prices of petrol and diesel rose for the second day in a row after Indian Oil Corp (IOC) resumed the dynamic pricing system on Monday after a 19-day halt.


After the hike, petrol and diesel prices in Delhi have touched to Rs 74.95 per litre and 66.36 per litre respectively. According to the data showed on IOC website, in the metropolitan cities of Kolkata, Mumbai and Chennai, petrol prices were at fresh multi-year high levels of Rs 77.65, Rs 82.79 and Rs 77.77 a litre respectively.

While the prices of diesel after a hike in the metropolitan cities of Kolkata, Mumbai and Chennai were registered at Rs 68.90, Rs 70.66 and Rs 70.02 per litre respectively. Importantly, with the hike, petrol prices are at their highest level recorded since September 2013 while diesel prices are at their all-time high - meaning diesel has never been this expensive in the national capital before.

Interestingly, the rise in prices of transport fuels comes amid continuous gains in crude oil prices globally. The brent crude oil is currently priced around $78 per barrel. However, petrol and diesel rates in the country are reviewed on a daily basis. New rates which are determined broadly by global crude oil and rupee-dollar forex rate are implemented at fuel stations with effect from 6 am every day. That is part of a daily system of fuel price revisions adopted in June last year.