Petrol, diesel prices hiked for the third time within four days

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Diesel prices were increased by 21 paise in Delhi and Kolkata and by 22 paise and 23 paise in Mumbai and Chennai respectively. Petrol prices were increased by 15 paise on Wednesday in Delhi and Mumbai, while it was raised by 14 paise and 16 paise in Kolkata and Chennai respectively. Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi.

G Vinay Kumar, General Secretary of Telangana Petroleum Dealers Association said petrol and diesel prices would keep increasing by 20-30 paise every day until both the Centre and State reduce the taxes.

Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.88 per litre-mark, the highest among metro cities. According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai.

IOC Chairman Sanjiv Singh earlier told to IANS that the dynamic pricing was suspended temporarily despite a rise in worldwide rates to avoid panic among consumers. With the U.S. reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon.

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The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and USA sanctions against Iran, which is a major crude oil export country.

Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in global oil price.

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