Petrol price soars close to Rs 75 a litre in Delhi

At Rs 83.45 petrol price in Mumbai merely 17 paise away from all-time high

Petrol touched Rs 83.45 per litre in Mumbai on Friday

Diesel prices are now Rs66.57 in New Delhi, Rs69.11 in Kolkata, Rs70.88 in Mumbai and Rs70.25 in Chennai today.

Petrol prices in other metros too were at a new high on Tuesday - Rs 77.65 in Kolkata, Rs 82.79 in Mumbai and Rs 77.77 in Chennai, according to Indian Oil Corporation. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24.

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The price of petrol reached an all-time high of Rs 79.45 a litre while that of diesel rose to Rs 72.27 litre. Petrol reached over 75-mark in Delhi and is selling at Rs 75.10 today in the national capital. On Monday, the state-run oil companies hiked the price of petrol and diesel by 17 paise and 21 paise.

Similarly, prices of diesel also touched fresh record levels on Wednesday. Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.

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Global crude prices had been rising over fears that the sanctions by the USA on Iran, one of the biggest producers in the Middle East, could limit crude exports from the country.

Analysts estimate the three OMCs - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - took a combined hit of over Rs 1,500-1,700 crore since the start of April, when the prices marginally higher despite a steep rise in global oil prices. With crude touching $79.47 a barrel, and the rupee down more than 6 per cent to nearly 68 against the dollar, fuel prices were bound to be affected.

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