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Petrol, diesel prices:

The prices of petrol and diesel were raised for the second straight day by the oil marketing companies on Friday. The fuel rates were hiked in the range of 14 to 15 paise. The petrol is now priced at Rs 75.85 per litre in Delhi. In Mumbai, Kolkata and Chennai, petrol is being sold today for Rs 83.24, Rs 78.53, and Rs 78.72, respectively. The prices of diesel were also hiked in the range of 16 to 18 paise. The diesel in Delhi is being sold at Rs 67.66 per litre. In Mumbai, Kolkata and Chennai, diesel will be available at Rs 71.79, Rs 70.05 and Rs 71.42 per litre, respectively on Friday.The fuel prices on Thursday were raised for the first time after a gap of more than five weeks. The prices were hiked in the range of 16 to 17 paise for petrol and 10 to 12 paise for diesel yesterday. The prices were hiked on the back of rising international rates and weakening rupee.

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since 26 June before this hike.

“We had not changed prices for a few days in anticipation Opec decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue,” IOC chairman Sanjiv Singh told PTI on Thursday.

While the Opec last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a 4 November deadline in a bid to choke the Persian Gulf state’s economic lifeline with sanctions over its nuclear programme.

Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.

The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-Opec decision and oil companies have to “adjust retail rates accordingly”.

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