In Delhi, the per litre price of petrol and diesel stood at Rs 74.95 and 66.36 respectively, on Tuesday.
The increase on Monday and Tuesday totalled 35 paise a litre for petrol and 50 paise for diesel.
Global crude oil prices are rising, and so do the petrol and diesel prices in India. In the last four days, petrol prices have gone up in the range of 69-73 paise per litre across Delhi, Kolkata, Mumbai and Chennai. The revisions were altogether stopped on April 25 due to polls in key southern state.
The AA also expressed concern regarding the effect of these price increases on the local economy.
Global crude prices had been rising over fears that the sanctions by the USA on Iran, one of the biggest producers in the Middle East, could limit crude exports from the country. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.
The fuel price hike is being influenced by the dipping rupee-dollar forex rate and the increasing global crude oil rate. In the past, marketing margins have turned negative in the run-up to state elections in 2015 and 2017, though crude prices then had not risen much as compared to the current surge. The situation is no different in other parts of the country. The deferred loss from last month will now be included in their month's fuel price hike adjustment. "The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia. But during this time, the oil companies were making losses.