new Delhi: Fuel prices were hiked for the fifth time in six days as petrol price was hiked by 50 paise per liter and diesel by 55 paise on Sunday.
The overall increase in rates has gone up to Rs 3.70-3.75 per liter since the daily price revision was resumed less than a week ago, news agency PTI reported.
According to a price notification by state fuel retailers, the price of petrol in Delhi will now be Rs 99.11 per liter as against Rs 98.61 earlier, while diesel rates have increased from Rs 89.87 per liter to Rs 90.42.
Following are the prices in Mumbai and Chennai, as shared by news agency ANI.
Prices in metro cities:
- Delhi: Petrol and diesel prices today Rs 99.11 per liter and Rs 90.42 per liter respectively (increased by 50 and 55 paise respectively)
- Mumbai: Petrol and diesel prices per liter Rs 113.88 and Rs 98.13 (increased by 53 paise and 58 paise, respectively)
- Chennai: Petrol costs Rs 104.90 and diesel Rs 95.00 and in Kolkata the price of petrol is Rs 108.53 and diesel is Rs 93.57.
Rates have been increased across the country and vary from state to state based on local taxation events.
Notably, this is the fifth hike in fuel prices since the end of a four-and-a-half-month-long hiatus in the rate revision on March 22.
On all the four previous 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.
Petrol prices have increased by Rs 3.70 per liter and diesel by Rs 3.75 per liter in six days.
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 it was deferred for a couple of weeks to not give an opportunity to opposition leaders like Rahul Gandhi to say that he had correctly predicted that prices would rise after the elections. Will go
Congress and other opposition parties criticized the government for increasing the prices, saying it has increased the burden of increasing the prices of common goods on the common man.
The increase in retail price is huge with crude oil prices rising from around USD 82 a barrel to USD 120 during a span of 137 days, but the state-owned fuel retailer Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) is passing on the necessary augmentation in phases.
Last week, Moody’s Investors Services said the state’s retailers overall 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 hike 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 agency input)