Petrol and diesel prices rise for the third consecutive day

Oil companies raised the petrol and diesel prices by 54 paise per liter and diesel by 58 paise per liter on Tuesday. Petrol-diesel has become expensive for the third consecutive day after the price review was postponed for 82 days.

According to the notification of government oil marketing companies, the price of petrol in Delhi has increased from Rs 72.46 to Rs 73.00 per liter, while the price of diesel

It has increased to Rs 71.17 per liter from 70.59. This is the rate hike for the third consecutive day. Oil companies on Sunday began a reshuffle in line with the cost after postponing the review of prices for 82 days.

Although oil companies were regularly reviewing ATF and LPG prices, there was no change in petrol and diesel prices from 16 March. Earlier, petrol and diesel prices were increased by 60 paise per liter on Sunday and Monday.

In this way, petrol has become costlier by Rs 1.74 per liter and diesel by Rs 1.78 per liter in the last three days. The government on March 14 increased the excise duty on petrol and diesel by three rupees per liter to absorb the benefit of falling crude oil prices in the international market, after which oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had stopped daily review of prices.

After this, on May 6, the government once again increased the excise duty on petrol by Rs 10 per liter and on diesel by Rs 13 per liter. After this increase, the total excise duty on petrol increased to Rs 32.98 per liter and on diesel to Rs 31.83 per liter.

The oil companies, however, did not pass on the increase in excise duty to the customers, but were accommodated with the fall in crude oil prices in the international market. According to officials, daily review of oil prices was stopped due to excessive volatility in the international market. Now that the market has started showing some degree of stability, ethical value review has been started.