Petrol, diesel prices hiked
Highlight
- The price of petrol in Mumbai will now be Rs 115.04 per liter, while the price of diesel has reached Rs 99.25.
- Petrol in Chennai will now be sold at Rs 105.94 per liter
- Petrol price in Kolkata is Rs 109.68 (an increase of 83 paise).
On Tuesday, the price of petrol was increased by 80 paise per liter and diesel by 70 paise per liter. With the increase, petrol crossed the Rs 100 per liter mark in Delhi and will now be sold at Rs 100.21 per liter, while diesel rates have gone up to Rs 91.47, according to a price notification from state fuel retailers.
After the increase of 85 paise and 75 paise respectively in Mumbai, now the price of petrol will be Rs 115.04 per liter, while the price of diesel has gone up to Rs 99.25.
Petrol in Chennai will now be sold at Rs 105.94 per liter, while diesel will cost Rs 96.
Petrol in Kolkata costs Rs 109.68 (an increase of 83 paise) and diesel costs Rs 94.62 (an increase of 70 paise).
Rates have been increased across the country and vary from state to state based on local taxation events. This is the seventh increase in prices since the end of a four-and-a-half-month-long hiatus in the rate revision on March 22.
In the first four occasions, prices were increased by 80 paise per liter – the sharpest increase in a day since the daily price revision was introduced in June 2017.
In states such as Uttar Pradesh and Punjab, prices were stable since November 4, ahead of the assembly elections – a period during which the price of raw materials (crude oil) rose by around USD 30 per barrel.
The revision of rates was expected soon after the counting of votes on March 10, but was postponed by a couple of weeks.
The increase in retail price is huge as crude oil prices rose by around USD 82 per barrel to USD 120 during a span of 137 days, but the increase in the retail price is huge, but the state-owned fuel retailer Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) is passing on the necessary augmentation in phases.
Moody’s Investors Services said last week that the state’s retailers in total lost nearly USD 2.25 billion (Rs 19,000 crore) in revenue for maintaining petrol and diesel prices during the election period.
According to Kotak Institutional Equities, oil companies “will need to increase the prices of diesel by Rs 13.1-24.9 per liter and on gasoline (petrol) by Rs 10.6-22.3 per litre.”
Crisil Research said that if the average crude oil price rises to US$110, the average price would be Rs 9-12 per barrel for a complete pass-through of crude oil and an increase of Rs 15-20 per litre. liters will need to be increased. -120.
India is 85 per cent dependent on imports to meet its oil needs and hence retail rates are adjusted according to global movement.