Petrol, diesel prices hiked again, the fourth such hike in five days

The fuel pinch continues. Petrol and diesel prices were hiked by 80 paise a litre each today, the fourth such hike in five days as oil firms continued to buckle to global crude pain.

Petrol in Delhi will now cost Rs 98.61 per litre as against Rs 97.81 previously while diesel rates have gone up from Rs 89.07 per litre to Rs 89.87. The four hikes come after a pause of nearly four-and-half-months.

Prices had been on a freeze since November 4 ahead of the assembly elections in Uttar Pradesh and Punjab. Crisil in a report says a Rs 9-12 per litre increase in retail price will be meeded for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.