Petrol and diesel prices hit all-time-high in India

According to an official notification, Petrol and diesel prices were hiked by 25 paise per litre each.

This is the second consecutive day of the increase in rate and the fourth this week. In all, prices have gone up by Re 1 per litre this week.

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Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL)on January 6 resumed daily price revision after nearly a month-long hiatus.

Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.

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