Fuel price hike: Prices of petrol and diesel touch fresh all-time highs on Wednesday
New Delhi, May 12: The prices of petrol and diesel touched fresh all-time highs across the metros on Wednesday after the country's largest fuel retailer - Indian Oil Corporation - hiked the prices for the third straight day.
It can be seen that this was the seventh increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision observed during assembly elections in states such as West Bengal.
In Delhi, petrol prices were increased by 25 paise from Rs 91.80 per litre to Rs 92.05 per litre and diesel became dearer by an equal amount from Rs 82.36 per litre to Rs 82.61 per litre. Presently, petrol and diesel prices are highest in the financial capital of the country. In Mumbai, Petrol was retailed at Rs 98.36 per litre and diesel was sold at Rs 89.75 per litre.
The state-run oil marketing companies including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates. The new changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced OPEC's robust demand outlook and as the shutdown of the biggest US fuel pipeline headed into a sixth day.