NEW DELHI, May 23:
Petrol and diesel prices were raised by 87-91 paise per litre on Saturday, taking the cumulative increase in retail fuel rates to nearly Rs 5 a litre in under 10 days as state-owned firms passed on soaring international oil prices.
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Alongside, Compressed Natural Gas (CNG) prices were raised by Re 1 per kg, marking the third increase in recent days and taking the cumulative hike to Rs 4 per kg.
The latest revision pushed petrol prices higher by 87 paise per litre and diesel by up to 91 paise across the country, according to industry sources.
The back-to-back increases follow a prolonged freeze in retail fuel prices and come amid elevated crude oil prices in the global market, tightening refining margins, and a weaker rupee, which have sharply raised the cost of imports.
Petrol price was increased by 87 paise in Delhi to Rs 99.51 per litre from Rs 98.64 earlier. Similarly, diesel price was hiked by 91 paise to Rs 92.49 a litre from Rs 91.58 previously.
With the latest hike, petrol and diesel prices have risen to nearly Rs 5 a litre since the state-owned oil marketing companies on May 15 ended the hiatus in rate revision, stoking concerns over inflationary pressures and higher transportation costs across the economy.
Petrol and diesel prices were increased by Rs 3 per litre each on May 15 and 90 paise a litre on May 19.
CNG price in Delhi was increased to Rs 81.09 per kg from Rs 80.09, according to information posted by Indraprastha Gas Ltd on its website.
Rates have increased in all the neighbouring cities as well.
This is the third increase in CNG prices, and together with the earlier hikes of Rs 2 per kg on May 15 and Re 1 per kg on May 17, it takes the cumulative increase to Rs 4 per kg.
On all three occasions, private fuel retailers like Nayara Energy swiftly matched the price increases announced by their state-owned rivals, raising petrol and diesel rates by a similar quantum.
The latest increases came on top of hikes effected earlier by private retailers ahead of the first fuel price revision on May 15 by state-run oil companies. (PTI)
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