Fuel, petrol and diesel, prices rose for the seventh consecutive day in the Indian capital on Saturday, reported the Press Trust of India (PTI).
Petrol price was hiked by 0.59 Rupees, taking it to 75.16 Rupees (around 1 U.S. dollar) per litre, and diesel became dearer by 0.58 Rupees, taking its price tag to 73.39 Rupees (97 U.S. cents) per litre.
The cumulative increase in rates of petrol and diesel over the past six days stands at 3.9 Rupees and 4.00 Rupees respectively in the last seven days.
Fuel rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value added tax (VAT), added the report.
This is the seventh daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus. The freeze in rates was imposed in mid-March soon after the Centre Government hiked excise duty on petrol and diesel to shore up additional finances.
Oil companies - Indian Oil Corporation (IOC), Bharat Petroleum Corp Limited (BPCL) and Hindustan Petroleum Corp Limited (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.
Editor:Cherie
