Petrol, diesel prices touch new heights after fresh hike today

The oil marketing companies (OMCs) hiked the prices of petrol and diesel by 27-28 paise and 26-28 paise respectively on Tuesday after keeping the rates unchanged on Monday.Accordingly, the price of petrol and diesel increased to Rs 97.50 and Rs 88.23 per litre in the national capital, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price changed to Rs 103.63 per litre on Tuesday. The cost of diesel advanced to Rs 95.72 a litre.Fuel prices have been hiked by more than Rs 3 per litre in June so far and nearly Rs 8 per litre since May 3.In 2021 so far, the price of petrol and diesel have increased by up to Rs 15.20 per litre.The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. The fuel prices vary from state to state in the country due to the value-added tax or VAT.On the global front, crude dropped on Tuesday as investors cashed in on a recent rally, but market sentiment remained solid on hopes for a quick recovery in oil demand in the US and European markets and fading expectations for an early return of Iranian crude, according to news agency Reuters.Brent crude futures for August eased 10 cents, or 0.1 percent, to $74.80 a barrel by 0110 GMT, while US West Texas Intermediate (WTI) crude for July was at $73.44 a barrel, down 22 cents, or 0.3 percent. WTI for August fell 15 cents, or 0.2 percent, to 72.97 a barrel, Reuters said.

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