Petrol and diesel prices saw the fourth increase in five days, with a hike of 80 paise per liter on Saturday. Petrol price in Delhi will now be Rs 98.61 per liter from Rs 97.81 earlier, while diesel price has increased to Rs 89.87 from Rs 89.07 per liter, according to a price notification from state fuel retailers.
All the four hikes have been done at 80 paise per liter since the end of a long gap of four and a half months in the rate revision on March 22. The increase is the sharpest one-day increase since the daily price correction began in June 2017. In four hikes, the prices of petrol and diesel have increased by Rs 3.20 per litre.
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 about $30 a barrel. The rates were expected to be revised soon after the assembly elections ended on March 10, but were deferred.
Oil companies, which did not revise petrol and diesel rates for a record 137 days despite crude oil (the raw material for fuel production) rising by $117 a barrel in early November from about $82 in early November, now Providing necessary enhancement to the consumers in phases.
Moody’s Investors Services said on Thursday that state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together have committed about $2.25 billion (Rs 19,000 crore) to hold petrol. ) lost revenue. Diesel prices banned during elections
According to Kotak Institutional Equities, oil companies “will need to increase the prices of diesel by Rs 13.1-24.9 per liter and Rs 10.6-22.3 per liter on gasoline (petrol) at the underlying crude price of $100-120 per barrel.”
Crisil Research said an increase in the average crude oil price to $110-120 would require an increase of Rs 9-12 a liter in the retail price, for an average of $100 a barrel crude and an increase of Rs 15-20 a litre. . ,
India is 85 per cent dependent on imports to meet its oil needs and hence retail rates are adjusted according to global movement.
Petrol, Diesel Prices as on Wednesday, March 24 in Delhi, Mumbai and Other Cities in India
Delhi
Petrol – Rs 98.61 per liter
Diesel – Rs 89.87 per liter
Mumbai
Petrol – Rs 113.35 per liter
Diesel – Rs 97.55 per liter
Kolkata
Petrol – Rs 108.01 per liter
Diesel – Rs 93.01 per liter
Chennai
Petrol – Rs 104.43 per liter
Diesel – Rs 94.47 per liter
Bhopal
Petrol – Rs 110.72 per liter
Diesel – Rs 94.16 per liter
Hyderabad
Petrol – Rs 111.80 per liter
Diesel – Rs 98.10 per liter
Bangalore
Petrol – Rs 103.93 per liter
Diesel – Rs 88.14 per liter
Guwahati
Petrol – Rs 98.12 per liter
Diesel – Rs 84.21 per liter
Lucknow
Petrol – Rs 98.46 per liter
Diesel – Rs 90.01 per liter
Gandhinagar
Petrol – Rs 98.52 per liter
Diesel – Rs 92.64 per liter
Thiruvananthapuram
Petrol – Rs 109.78 per liter
Diesel – Rs 96.79 per liter
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