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      Petrol and diesel price hiked by Rs 2.21 and Rs 1.79, respectively

      Nikhil Puthran

      Nikhil Puthran

      Recently, the Organization of the Petroleum Exporting Countries (OPEC) had decided on cutting down fuel production to curtail dropping prices and raise it. As a result, effective from today, petrol will cost dearer by Rs 2.21, while diesel price has been hiked by Rs 1.79 per litre. OPEC, a group of 13 oil-producing nations had on November 30 decided to cut global output of crude oil by 1.2 million barrels a day. The last when something similar was decided was way back in 2008.

      Petrol and diesel price hiked

      A statement from the country’s largest retailer, Indian Oil reads, “The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant an increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”

      Owing to fresh revision in prices petrol will cost Rs 68.94 in Delhi, Rs 75.27 in Mumbai, Rs 71.50 in Kolkata and Rs 68.41 in Chennai. As for diesel, the prices in Delhi, Mumbai, Kolkata and Chennai is Rs 56.68, Rs 62.40, Rs 58.92 and Rs 58.28, respectively. The price hike includes the jet fuel too. Moreover, the central government will keep a close watch on central excise duty on petrol and diesel, along with states on the value added tax which were revised to help with revenue collection as oil prices were declining in past.