Petrol and diesel prices have been hiked in the country today. Petrol price was hiked by 87 paise per liter and diesel by 84 paise. With this, in Kochi, petrol will cost Rs 115.02 per liter and diesel Rs 101.72 per liter. Fuel prices had also gone up in the country yesterday. Petrol price was hiked by 87 paise and diesel by 84 paise yesterday.
Rising fuel prices are now a daily occurrence for the Indian people. With the rise in petrol and diesel prices every day, the prices of goods are skyrocketing. Ordinary household budgets are out of sync with the ever-increasing fuel prices.
Read Also : Fuel prices to rise tomorrow
As the price of crude oil rises by one dollar per barrel, oil companies increase the retail price of petrol and diesel by 52 paise to 60 paise. The move comes as oil companies try to offset rising crude oil prices.
Brent crude has risen $ 28.4 a barrel since November 4. Crude oil is currently trading at $ 108.9 a barrel. Petrol and diesel prices in the country are likely to rise by Rs 5.5 to Rs 7.8 per liter on the back of Brent crude oil prices.
However, by cutting excise duty on petrol and diesel, the Center will be able to reduce the impact on consumers of higher crude oil prices.
Story Highlights: Petrol and diesel prices hiked today