Since the revision of rates resumed on May 15 after a four-year freeze, petrol and diesel prices have risen by nearly Rs 7.5 per litre across the country.
The prices of petrol and diesel were increased on Monday for the fourth time in two weeks. The fuel rates went up by an average of Rs 2.8 per litre across the country.
In Delhi, the price of petrol increased by Rs 2.61 to reach Rs 102.12 per litre, while diesel increased by Rs 2.71 to Rs 95.20 per litre, PTI reported.
The price of petrol in Mumbai reached Rs 111.21 per litre and diesel went up to Rs 97.83 per litre. Kolkata recorded the highest petrol price among the four metros at Rs 113.51 per litre, while rates in Chennai stood at Rs 107.77 per litre for petrol and Rs 99.55 per litre for diesel.
Since the revision of rates resumed on May 15 after a four-year freeze, the prices of petrol and diesel have risen by nearly Rs 7.5 per litre.On May 15, prices of both retail fuels were increased by around Rs 3 per litre. Oil marketing companies hiked the rates again on May 19 by around 90 paise, followed by another upward revision of up to 95 paise on Saturday.
The increase comes despite some easing in global oil prices on Monday, following weeks of elevated crude prices linked to the conflict in West Asia.
Brent crude, which had risen as high as$106 a barrel on Friday and traded around $103 later in the session, fell more than 5% to $98.22 a barrel early on Monday on hopes of a possible agreement between the United States and Iran.Union Petroleum Minister Hardeep Singh Puri said on May 10 that oil companies were facing under-recoveries of about Rs 2 lakh crore, with losses of up to Rs 1 lakh crore projected in the current quarter.
Puri had said that oil companies were purchasing crude oil, gas and liquified petroleum gas at elevated international prices while continuing to sell fuels at unchanged retail rates to shield consumers, leading to losses of up to Rs 1,000 crore a day.
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