Fuel prices hiked for 7th consecutive day: Petrol up by 1.8, diesel by 1.5 in one week
Prices of petrol and diesel were increased for the seventh consecutive day on Monday in the aftermath of the drone attacks on Saudi-oil major Aramco.
In the last seven days, petrol rates have gone up by Rs 1.87 a litre and diesel by Rs 1.51, the highest since daily price revision was introduced in 2017.
On Monday alone, the prices of petrol and diesel were hiked by 28-31 paise and 19-21 paise a litre respectively in major cities.
As per data from the Indian Oil Corporation website, petrol price has touched Rs 73.91 in the national capital today while diesel has reached Rs 66.93.
Meanwhile, in Mumbai, the price of petrol has risen from Rs 79.29 to Rs 79.57 (up by 28 paise) today and diesel prices have increased from Rs 70.01 to Rs 70.22 per litre (up by 21 paise).
Last week, experts suggested that prices of petrol and diesel in India may shoot up significantly following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities.
In a recent report, Kotak too said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.
However, government sources have indicated that even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high fuel prices as oil companies and the government may absorb a portion of the price hike.