Petrol hiked by 87 paise, diesel 91 paise per litre from today

STC NEWS MONITORING DESK
SRINAGAR, MAY 23 (STC): Negotiating the impact of the West Asia crisis, the state-owned fuel retailers continued passing on higher energy costs to consumers. Today, the authorities hiked the prices of petrol and diesel by 87 paise and 91 paise respectively. The increase in fuel prices is third in series in less than 10 days.
The latest revision follows a Rs 3 per litre hike on May 15 and another 90 paise increase on May 19. With the fresh increase, fuel prices have climbed by nearly Rs 5 per litre in total over the period.
Notably, as per reports, India is among the last major economies to adjust pump prices in response to the surge. Petrol and diesel rates have climbed by about Rs 5 per litre across three revisions since May 15 — which was the first such increase in four years.
According to various reports, the current adjustments may be insufficient and further increases could be needed as losses at oil marketing companies persist.

(Straight Talk Communications)