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Elizabeth Burch on the Dark Side of the Tort Bar India’s state-run refiners raised retail prices again of diesel and petrol on Saturday to help processors cut losses on discounted sales and to control a spike in demand.
Prices of both fuels rose by nearly one per cent, or less than 1 rupee, with petrol now sold at 99.51 rupees (US$1.0399) and diesel at 92.49 rupees per litre in New Delhi, according to the website of Indian Oil Corporation, the country’s largest fuel retailer. Prices vary across India due to local taxes.
Smaller peers Bharat Petroleum Corp Limited (BPCL) and Hindustan Petroleum Corp Limited have also raised prices in the same range.
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This marks the third increase in just over a week, bringing cumulative hikes in India’s diesel prices to 5.5 per cent and petrol prices to five per cent.
Indraprastha Gas also raised prices of compressed natural gas by one per cent across all areas it serves, a company spokesperson said.
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