Petrol, diesel prices hiked once again
Highlight
- This is the fifth increase in six days passed by oil companies due to hike in raw material cost.
- Prices were stable since November 4, ahead of assembly elections in 5 states
- The rate revision was expected soon after the assembly elections are over.
Petrol and diesel prices were increased by 50 and 55 paise respectively in Delhi on Sunday. This is the fifth increase in six days as oil companies passed the 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 99.11 per liter as against Rs 98.61 per liter, while the rates of diesel have increased from Rs 89.87 to Rs 90.42 per litre.
Petrol and diesel prices in Mumbai were increased by 53 and 58 paise respectively, after which the price of petrol in Mumbai will now be Rs 113.35. Diesel will now be sold at Rs 98.13 per liter in the financial capital.
Petrol in Chennai on Sunday was priced at Rs 104.90, while diesel was priced at Rs 95.00.
In Kolkata, petrol was being sold at Rs 108.53 while diesel at Rs 93.57 on Sunday.
Fuel rates were first revised on March 22 this year, ending a long gap of four and a half months.
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.
Meanwhile, Moody’s Investors Services on Thursday said that state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together will receive about USD 2.25 billion (about USD 2.25 billion) in revenue. 19,000 crores) suffered a loss. Petrol and diesel prices have been banned during the election season.
India is 85 per cent dependent on imports to meet its oil needs and hence retail rates are adjusted according to global movement.
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