Petrol, diesel prices hiked today in India. Check your city today rate

Petrol diesel prices on Friday were hiked by 8 paise a litre each after a gap of a day. Previously, on March 23 and March 24, oil companies increased fuel prices ending an over four-and-half month election-related hiatus. Petrol, diesel prices hiked today in India. Check your city today rate.

A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates. Petrol in Delhi will now cost Rs 97.81 per litre as against Rs 97.01 previously while the diesel rate has gone up from Rs 88.27 per litre to Rs 89.07/litre, according to a price notification by Indian Oil Corporation.

In Mumbai, petrol price has been increased by 84 paise to Rs 112.51 while in Chennai prices went up by 76 paise to Rs 103.67. In Kolkata, rates increased to Rs 107.18 from Rs 106.34 (84 paise hike). The diesel price hike in Mumbai was 85 paise per litre. Mumbai’s diesel rates stand at Rs 96.70/litre.

Rates differ from state to state depending on the incidence of local taxes. The petrol and diesel rates had been on a freeze since November 4 a period during which the cost of raw material (crude oil) soared by $ 30 per barrel. The rate revision was expected soon after assembly elections ended on March 10 but it was put off.

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Oil companies are now recouping the losses. According to a report by Moody’s Investors Services, India’s top fuel retailers IOC, BPCL and HPCL together lost around $ 2.25 billion ( Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states.