Diesel prices set to cross Rs. 70 a litre

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon

The hike is all set to burn a bigger hole in commuters' pockets across the nation, as petrol will now cost Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.

The Automobile Association (AA) said last month's fuel price account was closed earlier by the Department of Energy, resulting in the postponement of a substantial 50 cent-per-litre increase brought on by a weakening rand and rising worldwide oil prices at the end of April.

Diesel price in Kolkata: Diesel price here was valued at Rs 69.11 per litre higher by 21 paisa as against previous price of Rs 68.90 per litre.

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. With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi.

This is the second consecutive day when prices have been hiked by the oil companies, signalling resumption of the daily price revision mechanism after a 19-day hiatus that resulted in Rs 400 crore loss for these entities.

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The report said that the men had driven their auto into the police yard before getting out to stage the attack. Another man was arrested and four others were suspected to have fled the scene, it said.

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Oil marketing companies seem to have woken up from a deep slumber as soon as Karnataka polls are over as they have once again started pushing up fuel prices.

An Economic Times analysis of the price build-up at Bharat Petroleum's (BPCL) Delhi filling station shows the Cost and Freight prices of petrol and diesel have increased by $2.9 per barrel and $2.64 per barrel, respectively, between April 25 and May 10 when the freeze on prices was lifted.

However, oil PSUs have no option but to increase the rates considering the rising price of crude oil globally. Diesel, on the other hand, has already retailing at its highest-ever price in India.

(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday.

The price of fuel is expected to skyrocket past R15 per litre. The government has since 2014 increased excise duty on petrol and diesel 10 times taking away the gains arising from falling crude prices. More taxes on petrol and diesel, more burden on the consumer.

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