Petrol and diesel prices were hiked yet again by 80 paise a litre on Saturday, the fourth such increase in last five days, resulting in an increase of Rs.3.20 per litre.
All the four increases since the ending of a four-and-half-month long hiatus in rate revision on March 22, have been of 80 paise a litre. These increases are the steepest single-day rise since the daily price revision was started in June 2017.
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Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab – a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.
The rate revision was expected soon after the assembly elections ended on March 10 but it was put off.
Oil companies, which did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to USD 117 per barrel compared to around USD 82 in early November, are now passing on to consumers the required increase in stages.