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

Pocket pinch: Fuel prices hiked again across India within 19 days

Crude shock: Daily price rise for petrol and diesel continues

Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.57 up by 21 paisa compared to previous price of Rs 65.36 per litre.

Nepal Oil Corporation has hiked Rs 2 per litre in petrol, diesel, kerosene effective from Wednesday midnight, official at the NOC said. In Delhi, Mumbai, Kolkata and Chennai, the fuel was sold at Rs 66.57, Rs 69.11, Rs 70.88 and 70.25 per litre.

Before Monday, petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.

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Despite the headline-generating bust, Tip didn't spend much time in police custody or have to stand before a judge. The artist, whose real name is Clifford Harris, was arrested Wednesday morning outside of his gated community.

The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people. According to experts the three oil marketing companies - Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd- together suffered losses of around Rs 1,500-1,700 crore due to the steep rise in prices.

Brent crude touched an intra-day peak of $79.47 a barrel its highest since November 2014. State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in global oil rates and fall in rupee against the USA dollar during this period.

The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG). Also, the rupee has weakened to Rs 67 per United States dollar from Rs 66.62, making imports costlier. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted to elect a new government on Saturday.

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