Kochi: Petrol and diesel prices were hiked by 80 paise a litre each on Friday. This is the third increase in four days.
With an increase of 87 paise, the price of petrol is Rs106.92 in Kerala's Kochi on Friday. Diesel costs Rs 94.08 in Kochi with an increase of 84 paise.
The total hike is now Rs 2.6/litre for petrol and Rs 2.53/litre for diesel.
Petrol in Delhi will now cost Rs 97.81 per litre as against Rs 97.01 previously while diesel rates have gone up from Rs 88.27 per litre to Rs 89.07, according to a price notification of state fuel retailers.
The increases are the steepest single-day rise since the daily price revision was started in June 2017.
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates. Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of raw material (crude oil) soared by USD 30 per barrel.
Oil companies are now recouping the losses.
According to CRISIL Research, a hike of Rs 15-20 per litre is required to fully pass the increase in international oil prices.
India is 85 per cent dependent on imports to meet its oil needs.
Petroleum Minister Hardeep Singh Puri on Thursday defended the government over the hike in fuel prices in the country, saying it is due to the increase in prices in the international market.
He, however, assured that efforts are being made to make fuel available to people at "affordable prices".
