Petrol, and diesel prices witness hike on third consecutive day

Petrol and diesel prices were hiked for a third straight day in metros on Tuesday, as state-owned oil marketing companies reverted to the normal practice of daily price revisions after a gap of 83 days. In Delhi, the price of petrol was increased by 54 paise per litre and diesel by 58 paise per litre with effect from 6 am on June 9. The price of petrol in the national capital was revised to Rs 73 per litre compared to Rs 72.46 per litre the previous day, and that of diesel to Rs 71.17 per litre from Rs 70.59 per litre on Monday, according to notifications by state oil marketing companies.

International oil prices rose a day after plunging more than 3 per cent, following an agreement by top producers to extend supply cuts. Brent crude futures - the global benchmark for crude oil - added $1.13 to $41.25 per barrel. State-run oil marketing companies revise the prices of petrol and diesel from time to time, besides aviation turbine fuel (ATF) - or jet fuel - and liquefied petroleum gas (LPG). However, since March 16, the oil companies had kept petrol and diesel prices on hold, possibly due to the volatility in global oil markets.