Chennai: After remaining unchanged for more than months, petrol and diesel prices have been hiked for the third time this week. The price of petrol and diesel has been hiked by 76 paise in Chennai.
In the capital city of Tamilnadu, the price of petrol is Rs 103.67 and diesel is Rs 93.71.
In Delhi, petrol now costs Rs 97.81 per litre, while diesel is Rs 89.07 per litre after a hike of 80 paise. In Mumbai, the petrol and diesel now cost Rs 112.51 (increased by 84 paise) and Rs 96.70 (up by 85 paise) per litre respectively.
Petrol and diesel have seen an overall increase of Rs 2.4 per litre after months-long hiatus as India’s top fuel retailers kept fuel prices on hold during elections in five States.
On Thursday, Moody’s Investors Services said that IOC, BPCL and HPCL together lost around Rs 19,000 crore in revenue for keeping petrol and diesel prices on hold.
Oil companies will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on petro) at an underlying crude price of Rs 100-120 per barrel, according to Kotak Institutional Equities.