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Pocket pinch: Fuel prices hiked again across India within 19 days

Pocket pinch: Fuel prices hiked again across India within 19 days

G Vinay Kumar, General Secretary of Telangana Petroleum Dealers Association said petrol and diesel prices would keep increasing by 20-30 paise every day until both the Centre and State reduce the taxes. It has further risen to $83.30, indicating larger daily price hikes would be needed to level retail price with cost.

Fuel prices were last hiked 19 days ago.

Diesel prices were hiked by 21 paise per litre in Delhi and Kolkata, 22 paise per litre in Mumbai and 23 paise per litre in Chennai. With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi. The situation is no different in other parts of the country.

So, when the fuel prices go down or when it remains flat like from April 24 to May 12, they do not have to shell out huge sums as working capital for buying fuel.

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The oil companies set the prices of petrol and diesel depending upon the price of crude oil in the worldwide market.

"The increase in petrol and diesel prices is on account of price movement of the products in the global market. The recent trend of consistent depreciation in Indian rupee against USA dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia. The exchange rate of the Indian currency also plays a role in the price hike.

The fuel prices in India have hit an all-time high since 2013 in major metro cities.

For a diesel auto with the same sized tank will cost £9 more to fill than it did back in August 2016, when fuel prices were just 111.9p per litre.


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