Fuel prices hit new high, petrol hiked by 53 paise, diesel by 64 paise on 12th day

New Delhi: Petrol price on Thursday was hiked by 53 paise per litre and diesel by 64 paise a litre, the 12th straight day of increase in rates that now totals to Rs 6.55 for petrol and Rs 7.04 for diesel.

Petrol price in Delhi was hiked to Rs 77.81 per litre from Rs 77.28, while diesel rates were increased to Rs 76.43 a litre from Rs 75.79, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the 12th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.

In 12 hikes, petrol price has gone up by Rs 6.55 per litre and diesel by Rs 7.04 a litre.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (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 fall in international oil prices to two decade low.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.