New Delhi:
State-run oil marketing companies (OMCs) have increased petrol and diesel prices by Rs 3 per litre each. This is the first rate increase in more than four years. The price hike comes days after Union Petroleum and Natural Gas Minister Hardeep Singh Puri said the three fuel retailers were losing about Rs 1,000 crore per day, and the cumulative losses in a quarter were enough to wipe away all the profit they made in a full year.
Earlier, on March 27, the government reduced excise duty on petrol and diesel by Rs 10 per litre each to cushion consumers from rising global prices. However, private fuel retailers had already increased pump prices.
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