The prices of petrol have been hiked by 40 paise/litre and diesel, by 45 paise.
Petrol and diesel prices were hiked for a third straight day in metros on Wednesday, as state-owned oil marketing companies reverted to the normal practice of daily price revisions after a gap of 83 days. The prices of petrol have been hiked by 40 paise/litre and diesel has been increased by 45 paise.
Meanwhile, oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world's largest crude consumer.
Brent crude futures fell 57 cents, or 1.4 per cent, at $40.61 a barrel by 0055 GMT after gaining nearly 1 per cent on Tuesday.
State-run oil marketing companies revise the prices of petrol and diesel from time to time, besides aviation turbine fuel (ATF) - or jet fuel - and liquefied petroleum gas (LPG). However, since March 16, the oil companies had kept petrol and diesel prices on hold, possibly due to the volatility in global oil markets.
Fuel retailing in the country is dominated by state refiners - Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
The three own about 90 per cent of the retail fuel outlets in the country.
