OMCs hike petrol and diesel prices for 11th consecutive day

  (Source: THE HINDU)

State-owned oil marketing companies (OMCs) have increased the retail prices of petrol and diesel for the 11th consecutive day on Wednesday, June 17, 2020,  since the OMCs returned to the normal practice of daily reviews following a 12-week pause. 

Petrol price was hiked by 55 paise a litre, while diesel price was increased by 60 paisa a litre, taking the cumulative price hike to ₹ 6.02 a liter for petrol and Rs 6.4 a liter for diesel in the last 11 days.  

A litre of petrol in Delhi now costs ₹77.28, in Mumbai ₹84.15, in Kolkata ₹4 79.08 and in Chennai ₹80.86 a litre, according to the notifications by Indian Oil Corporation (IOC), India’s largest fuel retailer.

Similarly, after the price revision, a ltre of diesel now costs ₹75.79 in Delhi, ₹74.32 in Mumbai, ₹71.38 in Kolkata and ₹73.69 a litre in Chennai.

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

OMCs have been adjusting retail rates in line with costs after a 82-day break from rate revision amidst the coronavirus pandemic. 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.