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Petrol and Diesel prices hiked for second time in four days

Petrol and Diesel prices hiked for second time in four days
Nikhil Puthran Nikhil Puthran Thursday 06 October 2016, 12:14 PM

Petrol and diesel prices in the country have been hiked for the second time in four days citing increase in commission paid to the dealers. Petrol in Delhi now costs an additional 14 paise per litre, while diesel has become costlier by 10 paise per litre. Thereby, petrol is costing Rs 64.72 a litre as against earlier's Rs 64.58 per litre, whereas diesel now costs Rs 52.61 per litre as against Rs 52.51 a litre.

Speaking about it, Indian Oil Corp said: “There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission.” The hike comes on the back of a 37 paise increase in petrol rate effected on October 1 and the diesel price on that day was reduced by 8 paise a litre.  The petrol prices in the other major cities will be: Rs. 67.72/litre in Kolkata; Rs. 71.12/litre in Mumbai, and Rs. 64.24/litre in Chennai. And diesel prices are Rs 54.92/litre in Kolkata; Rs 58.11/litre in Mumbai, and Rs 54.07/litre in Chennai.

Petrol and diesel prices are linked to market rates as they are deregulated in India. Based on the average oil price and foreign exchange rate in the preceding fortnight, generally state owned fuel retailers like Bharat Petroleum Corp, Indian Oil Corp (IOC) and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month. 

 

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