State-owned fuel retailers have hiked the prices of petrol and diesel for the second straight day on Wednesday. As per the price notification from oil marketing companies, the petrol and diesel prices were hiked by 19 paise and 21 paise per litre respectively in the national capital.

In Delhi, petrol now costs Rs 90.74 per litre and diesel is priced at Rs 81.12. And in Mumbai, petrol comes for Rs 97.12 a litre and diesel for Rs 88.19. Also Read – Maharashtra Records Sharp Fall in COVID-19 Cases, Positivity Rate Declines

Likewise in Chennai, the cost of petrol is Rs 92.70 per litre with diesel at Rs 86.09 per litre. Petrol and disel prices in Kolkata are at Rs 90.92 & Rs 83.98 respectively. In Bengaluru, petrol is at Rs. 93.77 while diesel is at Rs 86.01.

State-owned fuel retailers such as Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates daily based on input cost.

Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as state-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.

Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal. No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.

Despite the concerns about rising COVID-19 cases in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.

Prices have been on a continuous uptrend since April 27, an industry official said adding Dubai crude oil price has risen by USD 2.91 per barrel.

It is expected that the crude oil prices in the international market will remain firm in the near future, exerting upward pressure.

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