Petrol price hiked by another 29 paise, diesel goes past Rs 67 a litre


Petrol price hiked by another 29 paise, diesel goes past Rs 67 a litre

The upsurge in fuel prices continued unabated on Friday as the petrol price in the national capital of Delhi hit Rs 75.61, up 29 paise from Rs 75.32 on Thursday. Diesel prices in Delhi also went up in equal measure as it breached the Rs 67-mark and stood at Rs 67.08.

The uptick is largely being seen as a fallout of escalation in global crude oil prices which went northwards of $80 per barrel.

On Thursday, brokerage firms suggested that a hike of Rs 4 in petrol, diesel prices is on the cards. “Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline (petrol) by Rs 4-4.55 per litre in the coming weeks to earn normative gross marketing margins of Rs 2.7/litre,” Kotak Institutional Equities said in a report. Read More