New Delhi | Jagran Business Desk: Day after giving a breather to lakhs of salaried class people across the country, the oil marketing companies (OMCs) -- including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- on Friday once again hiked the petrol and diesel rates by Rs 0.29 and Rs 0.34 respectively amid the rising crude oil rates in the international market.

This is the eighth time when rates have been revised this month after the election commission declared the panchayat poll results in Uttar Pradesh and assembly elections results of four states -- West Bengal, Tamil Nadu, Kerala and Assam -- and union territory (UT) of Puducherry.

Now, a litre of petrol in national capital Delhi costs Rs 92.34 while it is priced at Rs 98.65 in India's financial capital Mumbai. In Chennai, a litre of petrol will not cost you Rs 94.09 while it would cost Rs 92.44 in Kolkata.

On the other hand, a litre of diesel is priced at Rs 82.95 and Rs 90.11 in Delhi and Mumbai respectively. Meanwhile, it would cost Rs 87.81 in Chennai and Rs 85.79 in Kolkata.

So far, petrol prices have increased by Rs 1.79 in India after May 2. On the other hand, diesel has become dearer by Rs 2.22 in the country this month.

The spike in fuel rates comes at a time when Brent crude future has increased USD 69 a barrel amid the COVID-19 pandemic which has led to a reduction in fuel consumption. According to MK Surana, chairman of Hindustan Petroleum Corp, India's fuel consumption in May will fall by 5 per cent from April.

"This time it is not a full lockdown like last time. Sales in April was about 90 per cent of March and we expect May could be about 5 per cent lower than April," he said while speaking to Reuters.

Posted By: Aalok Sensharma