Petrol, diesel price hiked for seventh consecutive day; check revised rates here

il Marketing Companies (OMCs) have once again hiked the retail fuel prices for the seventh consecutive day on Wednesday.

Petrol and diesel prices have moved up by more than Rs 2 per litre each in January. (Image: PTI)

Petrol diesel price today: Oil Marketing Companies (OMCs) have once again hiked the retail fuel prices for the seventh consecutive day on Wednesday. After the new revision, petrol prices jumped to Rs 71.27 per litre in the national capital, which is an increase of Rs 0.13 from yesterday. Likewise, diesel in Delhi was retailed at Rs 65.90 – an increase of Rs 0.19 paise from the previous day. According to news agency ANI, petrol and diesel prices were revised at Rs 76.90 per litre (increase by Rs. 0.13) and Rs 69.01 per litre (increase by Rs. 0.2), respectively in Mumbai. Transport fuel prices witnessed a stiff hike earlier this week on the backdrop of a continuous increase in global crude oil prices following the implementation of output cuts by global oil producers from January 1. After the rise in the international market, state-run oil marketing companies in India increased petrol rates by 23 paise per litre and diesel by 29-31 paise across the four major metros cities on Sunday. After witnessing a significant dip in retail rates across the country, petrol and diesel prices have moved up by more than Rs 2 per litre each in January alone. As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee. The final rate at the retail pump is calculated after adding central excise duty, dealers’ commission and value-added tax (VAT) to the base price. The decision to cut oil production will surely hamper India as it is one of the larger importers of crude oil in the world. The country witnessed a relentless hike in petrol and diesel prices on October 4, 2018, following which prices had dropped significantly till December 2018. Though petrol and diesel prices have increased by Rs 2 in 2019, industry experts believe that these rates will go up in the days to come.