Petrol price hiked by 54 paise per litre, diesel by 58 paise; rises for third straight day

Petrol prices raised by 54 paisa per litre while diesel prices climbed to Rs 58 paisa per litre on June 9, the third increase in three days, as state-owned oil firms reverted to daily price revisions after 83-day hiatus.

According to a price notification of state oil marketing companies, Petrol price in Delhi was hiked to Rs 73 per litre from Rs 72.46 per litre on Monday, while diesel rates were increased to 71.57 per litre from Rs 70.59 a litre.

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This is the third daily increase in rates in a row. Oil companies had on Monday raised prices by 54 paisa per litre on petrol and diesel was hiked by 58 paisa per litre.

Daily price revision has restarted, an oil company official said.

Also read: Petrol, diesel prices raised for second straight day

Around 80 percent crude oil India imports, fuel prices are directly dependent on international benchmark rates. Brent crude oil rates have almost doubled in about a month's time and are now trading above USD40 a barrel mark amid optimism that easing of lockdown restrictions will increase fuel demand.

Amid the spread of coronavirus, retailers had stopped the daily practice of reviewing rates based on market conditions for more than 80 days since March 16.