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Petrol prices on rise again

Petrol prices have risen again in the country improving its gap with diesel as the global oil market flipped turning the cycle of price rise in favor of gasoline.

In the national capital, petrol prices rose for the third consecutive day on Tuesday by 17 paise to Rs80.90 a liter. Pump prices of petrol rose by 14 paise a liter on Sunday breaking a 47-day pause since June 29.

This was even as diesel prices, which maintained a regular increase since late June, was now holding on to the retail price line for the last two weeks.

Sources in oil marketing companies said that international petrol prices were on a boil now resulting in revision on its prices while diesel remained steady.

Even in India, diesel consumption in August has witnessed a slowdown in a clear indication that economic activity remained muted during the Covid-19 pandemic.

The latest price hike comes at a time when crude oil prices have been rising and the Brent crude is trading around $45 per barrel.

Price of petrol in the other key metros was also revised upwards on Monday.

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