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Petrol price has been hiked by roughly 27 paise per litre while diesel has become dearer by 30 paise in most states. In Delhi, petrol costs Rs 91.80 per litre after the fresh hike and diesel price has increased to Rs 82.36 per litre. Check the latest rates in your city.

Domestic fuel prices were hiked sharply by state-run oil marketing companies on Tuesday as global energy prices continue to consolidate. Fuel prices have been hiked for the second consecutive day after a two-day gap.

 

Petrol price has been hiked by roughly 27 paise per litre while diesel has become dearer by 30 paise in most states.

In Delhi, petrol costs Rs 91.80 per litre after the fresh hike and diesel price has increased to Rs 82.36 per litre. A litre of petrol has now crossed Rs 98 in Mumbai and diesel price has increased to Rs 89.48.

 

In some districts in Maharashtra, Madhya Pradesh and Rajasthan, the price of petrol has now crossed Rs 100 per litre after the fresh round of hikes that started last week.

 

Petrol and diesel rates have witnessed a sharp rise in all other major cities.

 

Prices have witnessed a sharp rise in other major cities as well.

Domestic auto fuel prices are likely to rise further if demand for global crude oil improves further. As of today, crude oil prices have fallen slightly due to a prolonged outage of the largest US fuel pipeline system.

It may be noted that both US West Texas Intermediate (WTI) Crude futures and Brent Crude futures fell marginally today after climbing on Monday.

 

Even if there is a decrease in global crude oil rates, state-run OMCs are expected to continue hiking prices for a short duration due to the losses they incurred by keeping rates artificially low for almost two months.

 

The rising fuel prices are likely to impact inflation in the near term and could even lead to a drop in domestic demand. In such a scenario, economic recovery could be hit further amidst the ongoing second wave of Covid-19.

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