Reports are coming that petrol price was hai by 54 paise per litre and diesel by 58 paise per litre on Tuesday, it is said that, it is the 3rd Straight daily increase in rates after oil PSUs ended an 82 day hiatus in rate revision.
According to a price notification of state oil marketing companies, Petrol price in Delhi was hiked to ₹73.00 per litre from ₹72.46, while diesel rates were increased to ₹71.17 a litre from ₹70.59
Major oil PSUs had put daily price revision on hold soon after government on 14th March, hiked excise duty on petrol and diesel by 3 rupees per litre each.
Oil companies did not pass on that excise duty hike as well as on may 6 increasing tax on petrol and diesel by setting them off against the decline in retail prices that should have affected to reflect international oil rate falling to 2 decade low
International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.
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