Fuel prices hiked for 17th straight day; Petrol price reach nearly Rs 80 per litre in Delhi

New Delhi: Petrol and diesel prices were hiked for the 17th consecutive day taking the cumulative increase in rates to Rs 8.50 and Rs Rs 9.77 per litre respectively.

Petrol price in Delhi was hiked to Rs 79.76 per litre while diesel was up at Rs 79.40 per litre.

In Kolkata petrol price was hiked to Rs 81.45 per litre while diesel was up at Rs 74.63 per litre. Petrol price in Mumbai was hiked to Rs 86.54 per litre while diesel was up by 0.55 paise to Rs 77.76 per litre. In Chennai petrol price was hiked by 0.29 paise to Rs 83.04 per litre while diesel was up by 0.50 paise to Rs 76.77 per litre.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision. The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices to two decade low.