Petrol and diesel prices on Saturday were revised upwards for the third-consecutive day.
It may be noted that petrol price has climbed to Rs 82.66 per litre in Delhi after rates were hiked by 18 paise by major oil PSUs. In Mumbai, commuters now have to pay Rs 88.12 for a litre of petrol.
On the other hand, diesel prices again hiked steeply by 29-31 paise per litre, taking its rate in the national capital over Rs 75 per litre while the price is close to Rs 79 per litre in Mumbai. Today increase takes the price of diesel in Hyderabad to closer to Rs 82 per litre and is the highest among all the states.
While the government tried to alleviate the burden of high fuel prices by implementing a one-time excise duty cut of Rs 2.50 per litre, the constant hike in price seems to be rapidly eroding the efforts.
PM Modi is expected to meet with oil ministry officials today to chalk out pragmatic strategies to counter the effect of rising oil prices. It may be noted that PM Modi will be discussing the plan on setting a pattern for importing oil from Iran.