New Delhi: Petrol and diesel prices will again see a slight increase on Thursday (March 31). On Wednesday, March 30, 2022, a liter of petrol or diesel will cost 80 paise more than the rates.
With the latest revision, petrol in Delhi will retail at Rs 101.81 per litre. Also, the per liter price of diesel will increase by 80 paise to Rs 93.07 in the national capital on March 31.
In the last few days, oil marketing companies have increased the prices of petrol and diesel for several days. Petrol prices have been hiked by Rs 6.40 per liter from March 22, the day when fuel retailers resumed daily revision of fuel prices. Diesel prices have also seen almost the same increase with a difference of a few paise to a minute.
Oil marketing companies had resumed daily revision of fuel prices after a gap of 137 days on March 22, 2022, even though they expected a hike in rates after the counting of votes for the state elections on March 10, 2022.
With rising oil prices in the global markets, the ban on revision of petrol and diesel prices is causing huge losses to government and private oil retailers in the country. Small daily hikes will provide them some relief.
Moody’s, in a recent report, had mentioned that fuel retailers IOC, BPCL and BPCL between November and March 2022 last year did not change the prices of petrol and diesel despite sharp rise in crude oil prices in global markets. HPCL suffered a loss of around Rs 19,000 crore in revenue. Read also: Visa enters the world of NFTs to help digital-first creators
Petrol and diesel rates in the country saw no change between November 4, 2021 and March 21, 2022, while crude oil prices averaged $111 a barrel in the first three weeks of March, compared to early November 2021. It was about $82. Other than this. Reading: PAN card will become inactive after March 2023 if it is not linked with Aadhar card: CBDT
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