Petrol, diesel prices hiked for 2nd day in a row --Check latest rates here

New Delhi: The prices of Petrol and diesel prices were hiked by 80 paise a litre each for the second day in a row on Wednesday.

Petrol in Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a price notification of state fuel retailers.

In Mumbai, the petrol and diesel prices were raised by 85 paise a litre and it will be sold at Rs 111.67 and Rs 95.85 per litre respectively.

In Chennai, the price of petrol is Rs 102.91 per litre, which was increased by 75 paise and diesel is Rs 92.95 after an increase by 76 paise per litre. In Kolkata, the price of petrol was increased by 83 paise per litre and the diesel was increased by 80 paise per litre.Petrol and diesel will be sold at Rs 106.34 at Rs 91.42 per litre respectively in Kolkata.

Fuel prices were unchanged for over over four-and-half months amid polls in 5 states in the country. A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates. Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of raw material (crude oil) soared by USD 30 per barrel.
Oil companies are now recouping the losses.

According to CRISIL Research, a hike of Rs 15-20 per litre is required to fully pass the increase in international oil prices. India is 85 per cent dependent on imports to meet its oil needs. 

With Agencies Inputs