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Petrol and diesel prices had been hiked again for a second day in a row.
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Updated : May 16, 2018, 11:19 AM IST
 "Petrol prices hiked again: Check rates in your city")
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Petrol and diesel prices had been hiked again for a second day in a row. On Wednesday, the petrol prices at 6 am were hiked by 15 paise per litre in New delhi and Mumbai. In Kolkata, the prices were increased by 14 paise per litre and 16 paise per litre in Chennai, according to Indian Oil Corporation website.
Diesel prices were increased by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai. With this, the petrol prices now are at their highest level recorded since September 2013.
With the daily price revision of automotive fuels restarting on Monday after a 19-day hiatus due to Karnataka polls, petrol prices reached nearly five-year high while diesel prices hit a new all-time high in Delhi.
State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre.
As per the Indian Oil Corp website, petrol price in Mumbai rose to Rs 82.65 a litre on Monday, while diesel prices reached Rs 70.43. Similarly, in Delhi the petrol price touched Rs 74.80 a litre, while diesel prices stood at Rs 66.14. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%.
Analysts estimate the three OMCs - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - took a combined hit of over Rs 1,500-1,700 crore since the start of April, when the prices marginally higher despite a steep rise in international oil prices. The revisions were altogether stopped on April 25 due to polls in key southern state.
Meanwhile, Crude oil futures fell 0.47 per cent to Rs 4,827 per barrel today, in line with a weak trend overseas as speculators cut down their bets.
Crude oil for delivery in May contract was trading lower by Rs 23 or 0.47 per cent at Rs 4,827 per barrel with a business volume of 5,030 lots at the Multi Commodity Exchange (MCX).
Oil prices for June delivery was trading lower by a similar margin at Rs 4,846 per barrel with a business volume of 266 lots.
Analysts said the fall in crude oil futures was mostly in tune with a weak trend in the global markets and profit-booking by speculators.
