Petrol, diesel prices hiked in India for eleventh consecutive day

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday.

Also Read: Government hikes petrol, diesel prices again

Petrol will now cost Rs 77.28 a litre in the national capital and diesel will cost Rs 75.79 a litre from today.

On Tuesday, the government had hiked petrol prices by 47 paise and diesel prices by 57 paise a litre. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre. 

The government has been increasing prices for the past 10 days especially after the Unlock 1.0 came into effect nationwide with the opening of malls and shopping complexes.

Amid the rise in fuel prices in India, UAE energy minister Suheil al-Mazrouei said that the current low oil and gas prices could lead to energy shocks as the coronavirus pandemic continues to exist with fears of second wave in some parts of the world.

Brent crude had crashed to a low of under $20 a barrel and WTI had sunk into negative territory in April.

Mazrouei said: "Unless we have a second wave of Covid-19, I think we will see a demand recovery at a pace that is adequate to the cut we have done as... OPEC+, provided other producers do not rush and over-produce."