Fuel prices are back on the boil. Oil marketing companies on Friday increased petrol price by Rs.1.50 a litre and diesel by 45 paise a litre. This is the second straight month where oil marketing firms have raised diesel price to bring down the under-recovery. The government has allowed them to increase disel prices by 45-50 paise a month till underecovery on the product is completely eliminated.

The price of petrol was last revised downward by 30 paise a litre on January 18 but diesel prices went up by 45 paise a litre on the same day.