Business / Fuel prices hiked for 3rd straight day; petrol costlier by 54 paise, diesel by 58 paise

NEW DELHI : With Brent crude oil futures remaining above $40 a barrel mark and fuel demand picking up in India, oil marketing companies today increased the price of petrol and diesel for the third consecutive day. Amid the spread of coronavirus, retailers had stopped the daily practice of reviewing rates based on market conditions for more than 80 days since March 16.

Petrol price was hiked by 54 paise a litre today while diesel is costlier by 58 paise a litre. In just three days, the price of both the fuels has gone up by more than ₹1.7 a litre each.

Latest petrol, diesel prices in top cities:

New Delhi: Petrol ₹73. Diesel ₹71.17

Gurgaon: Petrol ₹72.55. Diesel ₹64.55

Mumbai: Petrol ₹80.01. Diesel ₹69.92

Chennai: Petrol ₹77.08. Diesel ₹69.74

Hyderabad: Petrol ₹75.78. Diesel ₹69.56

Bengaluru: Petrol ₹75.35. Diesel ₹67.66

Since India imports around 80% of its crude oil requirements, fuel prices are directly dependent on international benchmark rates. Brent crude oil rates have almost doubled in about a month's time and are now trading above $40 a barrel mark amid optimism that easing of lockdown restrictions will increase fuel demand.

Petrol and diesel prices were hiked by 60 paise per litre each on Sunday and Monday after state-owned oil firms reverted to daily price revisions following a gap of almost three months.

Former finance minister and senior Congress leader P Chidambaram has slammed the Modi government for hiking fuel rates saying it will benefit oil companies.

"Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay," Chibamaram said.