Petrol, diesel prices hiked once again
Highlight
- Petrol in Delhi will now cost Rs 98.61 per liter, which was earlier Rs 97.81
- Diesel price increased from Rs 89.07 per liter to Rs 89.87
- Petrol and diesel prices hiked by Rs 3.20 per liter in four hikes
Petrol and diesel prices were hiked by 80 paise a liter on Saturday, the fourth hike in five days by oil companies to pass on a hike in raw material cost to consumers. According to the price notification of state fuel retailers, the price of petrol in Delhi will now be Rs 98.61 per liter from Rs 97.81 earlier, while the price of diesel has increased from Rs 89.07 per liter to Rs 89.87.
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 hike is the sharpest in a single day since the daily price revision began in June 2017.
Petrol and diesel prices have increased by Rs 3.20 per liter in four hikes.
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 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 an increase in crude oil (raw material for fuel production) prices by USD 117 a barrel in early November from around USD 82 Was, now passing the burden on the consumers. Required growth in stages.
Moody’s Investors Services on Thursday said state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to keep petrol around USD 2.25 billion (19,000 USD) in revenue. crore) has been lost. And diesel prices are on hold 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.
(with inputs from PTI)