Petrol price on Monday was increased by 30 paise a litre and diesel by 35 paise. With the sixth price hike in March, the total increase in rates in the last week was Rs 4-4.10 per litre.
Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers.
In Mumbai, the petrol and diesel prices per litre rose to Rs 114.19 and Rs 98.50 respectively. In Chennai, the price of petrol is Rs 105.18 per litre and diesel is Rs 95.33 a litre. In Kolkata, petrol is priced at Rs 108.85 per litre and diesel is Rs 93.92 a litre.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. On the first four occasions, prices were increased by 80 paise a litre – the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise.
Fuel prices had been on a freeze since November 4, 2021, ahead of the assembly elections in the five states — a period during which the cost of raw material (crude oil) soared by about US $30 per barrel.
The increase in retail price warranted from crude oil prices rising during the 137-day hiatus from around USD 82 per barrel to USD 120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
