Petrol prices hit 3-yr high at Rs 69.04/litre; up by Rs 6/litre since July

STOCK MARKET - Petrol price has been hiked by Rs 6 per litre since the beginning of July and is now priced at its highest rate in three years with rates being revised in small dosages daily.

Diesel price has increased by Rs 3.67 a litre and now costs Rs 57.03 a litre in Delhi, the highest in four months, according to data from state-owned oil companies.

A litre of petrol costs Rs 69.04 a litre in Delhi, the highest since second-half of August 2014 when it was priced at Rs 70.33.

State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost.

Prices of petrol and diesel have been revised at 06:00 hours everyday since June 16.

Rates during the first fortnight dropped but have since July 3 been on the rise.

Petrol price was at Rs 65.48 a litre on June 16 in Delhi and it dropped to Rs 63.06 by July 2. However, rates have since gone up every day except on four occasions when prices were cut by 2-9 paise per litre.

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