This is the 19th consecutive price hike by oil marketing companies (OMCs) since June 8
Sonia Gandhi claimed the Centre was seeking to earn an additional revenue of nearly Rs 2.6 lakh crore “by ill-advised” increase in excise duty and petrol and diesel prices.
"There may be marginal hike in excise duty to offset revenue loss due to lack of demand. Discussions are being held internally," a government official said.
Meanwhile, diesel prices per litre in these cities stood at Rs 62.89 in Delhi, Rs 65.84 in Mumbai, Rs 66.35 in Chennai, Rs 65.22 in Kolkata, Rs 65.04 in Bengaluru, and Rs 62.59 in Gurugram respectively
Meanwhile, a litre of petrol in Mumbai, Chennai and Kolkata costs Rs 75.99, Rs 73.02 and Rs 72.98 as on March 11. Diesel prices in these cities is at Rs 65.97, Rs 66.48 and Rs 65.34 respectively.
After a brief pause, oil prices have declined yet again on the back of the fear of the potential economic impact of the novel coronavirus outbreak in the Chinese city of Wuhan.
On January 23, petrol and diesel prices across major cities in India dropped by 17 paise and 19 paise a litre respectively.
In Delhi petrol costs Rs 75.55 a litre while diesel is being sold at Rs 68.92 a litre.
This was the second consecutive day when fuel prices saw a drop on the back of slight easing of tensions between the United States and Iran
Retail pump price of petrol was hiked by 9 paise per litre and that of diesel by 11 paise, according to a price notification of state-owned fuel retailers.
In Delhi, the prices of petrol and diesel prices were at Rs 74.19 per litre and Rs 67.14 per litre, respectively
If higher diesel prices push up the cost of vegetables in the rainy season, inflation may be affected later
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Uttaresh Venkateshwaran gets in conversation with Moneycontrol's Stanford Masters to discuss the reason for the decline in sales, what lies ahead for Maruti Suzuki and much more.
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Chances for future rate cuts, which were already very slim but were left on the table by policymakers in recent comments, were seen diminishing. This gave some support to the New Zealand dollar and pushed bond yields 2-3 basis points higher.
The measure comes as higher ATF prices and a weaker rupee are troubling airline finances.
The price of petrol and diesel is being cut for over the past month, since they hit all-time highs on October 4. Check out how much it costs in India and around the world.
The price of petrol in Delhi increased by 18 paise to Rs 81.68 per litre, while that of diesel rose by 29 paise to Rs 73.24 per litre.
Santosh Nair, Editor, Moneycontrol gives his take on what transpired in the market this week, and also gives insights into key triggers to watch out for in the coming days.
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The decisions came after Finance Minister Arun Jaitley announced a Rs 2.50-a-litre cut in petrol and diesel prices
Jayesh Mehta, MD and country treasurer at Bank of America Merrill Lynch and RS Sharma, former CMD of ONGC spoke about the rupee weakness and rising crude oil prices
The prices of petrol and diesel in Chennai hit Rs 87.18 and Rs 79.57 per litre respectively after a rise of 13 paise and 17 paise respectively
The price of petrol has crossed the Rs 90-mark in more than 20 of Maharashtra's 36 districts