State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre. The motorists will feel the heat of the surge in fuel prices across the nation.
The hike is all set to burn a bigger hole in commuters' pockets across the nation, as petrol will now cost Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.
The fuel prices in India have hit an all-time high since 2013 in major metro cities. The oil prices are now revised everyday at 6 am, after state-owned oil companies made a decision to do away with the 15-year-old practice of revising fuel prices on the 1st and 16th of every month.
In Calcutta, petrol will cost Rs 77.50, up from Rs 77.32, a litre and diesel Rs 66.68, compared with Rs 66.63 earlier.
Petrol and diesel prices, that were increased on Monday after almost three weeks, saw national oil marketing companies effecting an upward revision on Tuesday too.
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The price of petrol went up from Rs 79.13 a litre on May 14 to Rs 79.45 a litre on May 16 while that of diesel, went up from Rs 71.80 on May 14 to Rs 72.
It is the third hike in a row after the Karnataka elections ended.
Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014. Moreover, since petrol is not under GST, heavy duties levied by both Centre and state are only adding to the woes. "The daily increase would have to be higher than normal to reach the true market reflective prices for these two products", said a source in an oil marketing company, asking not to be named. The exchange rate of the Indian currency also plays a role in the price hike.
In the finance capital Mumbai, the petrol costs Rs 83.16/litre.