State-owned oil marketing companies increased the prices of petrol and diesel prices by 25 paisa per litre for second consecutive day on Thursday.
According to IOCL website, petrol in the national capital was sold at the new record high level of Rs 84.70 per litre while diesel prices increased to Rs 74.88 per litre.
After today’s rate revision, petrol price in Dimapur rose to Rs.87.09 per litre while diesel price increased to Rs.77.97 per litre. In the state capital Kohima, price of petrol was hiked to Rs.88.06 per litre and diesel price was raised to Rs.78.67 per litre.
The OMCs’ patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels, IANS reported.
OMCs align the prices of domestic fuel with global benchmarks by taking into account alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state in the country due to the value-added tax or VAT.