Petrol, diesel prices touch new high in two days

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The petrol prices are Rs77.79 in Kolkata, Rs82.94 in Mumbai and Rs77.93 in Chennai, respectively.

This despite benchmark worldwide rate for petrol going up from $78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to $82.98 now, according to sources privy to fuel pricing methodology. "Now that the Karnataka elections are over the oil companies will hike up the retail fuel rates to catch up on those losses", said Prashant Reddy, a city-based petrol pump owner. Diesel prices touched Rs 68.9 in Kolkata (Rs 68.68 on Monday), Rs 70.66 in Mumbai (Rs 70.43) and Rs 70.02 in Chennai (Rs 69.79).

OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017.

In the finance capital Mumbai, the petrol costs Rs 83.16/litre.

Industry experts now expect the OMCs to breathe a sigh of relief and try to recover losses by re-calibrating it with the global prices, although the rise is likely to be gradual. Diesel prices, too, were hiked by 22 paise, following which it was retiling at Rs 66.79 in the national capital. The situation is no different in other parts of the country.

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Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

It's a new day and an all new fuel price - for the fourth day straight. Brent crude futures were at $79.36 per barrel, up 8 cents from their last close.

G Vinay Kumar, General Secretary of Telangana Petroleum Dealers Association said petrol and diesel prices would keep increasing by 20-30 paise every day until both the Centre and State reduce the taxes.

The price of fuel is expected to skyrocket past R15 per litre.

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