Oil Refineries have staged a rise in petrol and diesel for the third consecutive day on Thursday October 7th while, Cooking LPG price was also hiked by Rs 15per cylinder sending retail rates to all time high levels. This rise stems from the crude oil prices in international markets in the preceding 15 days, and the rupee dollar exchange rates.
The national capital witnessed a hike that escalated petrol price to Rs 103.24 litres per litre whereas diesel has become expensive at Rs 91.77. The financial capital remained the highest amongst the metro cities with petrol at Rs 109.25 per litre and diesel at Rs 99.5% per litre.
State owned Indian oil Corp , Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd on September 24 resumed daily revision of fuel prices after a week’s hiatus. The price hike during May –July pushed the petrol prices beyond Rs 100 in major states, while diesel crossed that level in at least three states.
Meanwhile, the LPG cylinder was hiked by Rs 15 per cylinder which comes as the fourth straight hike in rates in less than two months. LGP price in national capital now rose to Rs 899.50 per 14.2kg. The subsidized and non-subsidized LPG rates we hiked by Rs 25 per cylinder on October 1st.
Global oil prices have surged more than 50 per cent this year, adding to the inflationary pressure impacted by the pandemic. The relentless increase in fuel prices has been criticised by opposition parties who have demanded that the government calls off record excise duty on the two fuels to give relief to consumers.