In Nagpur, petrol will cost Rs 111.37 per litre, diesel Rs 94.18. With increase of Rs 50 in LPG price, the subsidised cylinder will cost Rs 1,001.50 in city
Nagpur: Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision.
With this hike, petrol price will now be Rs 111.37 per litre in Nagpur as on date. Similarly, diesel rate in the city will be Rs 94.18 per litre.
As the price of LPG was raised by Rs 50 on Tuesday, now the subsidised cylinder will cost approximately Rs 1,001.50 in Nagpur with local taxes extra.
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.