Oil companies revise fuel prices again

Oil companies revise fuel prices again

Oil companies revise fuel prices again

According to Telangana Petroleum Dealers Association, during the last three days, fuel prices were increased by 32 paise on petrol and 72 paise on diesel.

Petrol and diesel prices in the national capital touched Rs 74.95 and Rs 66.36 on Tuesday, just a day after state-run oil companies resumed the dynamic pricing mechanism on Monday, reported IANS. On Monday, the first hike in petrol, diesel rates was witnessed.

Similarly, petrol prices are at Rs 77.79 per litre in Kolkata and Rs 77.93 per litre in Chennai. The revisions were altogether stopped on April 25 due to polls in key southern state. With the increasing price, there is no relief for the public.

Meanwhile, global oil prices firmed on Thursday, with Brent crude reaching closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.

It's a new day and an all new fuel price - for the fourth day straight. The situation is no different in other parts of the country. Hence, the losses to the OMCs are likely to get repeated in the coming months, affecting their profitability, say analysts.

As global crude oil prices reach four-year record levels of almost $80 per barrel, uncomfortable increases in fuel pricing appear inevitable. "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.

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