Petrol and diesel prices rose again today, pushing fuel prices up by at least 50 paise per liter across the country.
Rising petrol and diesel prices continue on Sunday as fuel prices hit a new high today across India. This is the fifth increase in the past six days, bringing the overall rise in gasoline and diesel prices to ₹3.70 per liter. The price of petrol today increased by 50 paise per liter while the price of diesel increased by 55 paise per litre.
The price of petrol in Delhi today is ₹99.11 per liter against ₹98.61 previously. The price of diesel in Delhi has risen from ₹89.87 per liter at ₹90.42. In Mumbai, the price of petrol today is at ₹113.88 after a rise of 53 paise per litre. The price of diesel in Mumbai today has been increased by 58 paise per litre, bringing the price to ₹98.13 per liter. In Kolkata, the price of gasoline today has been increased to ₹108.53 per liter, while the price of diesel will cost ₹93.57 per liter. In Chennai, the price of gasoline is ₹104.90 while the price of diesel now stands at ₹95.00 per liter.
It is the fifth hike in the past six days by oil companies since they began revising fuel prices on March 22. In total, gasoline prices increased by ₹3.70 per liter and diesel per ₹3.75 in six days. Previously, oil companies had frozen gasoline and diesel price revisions for nearly five months. Over the past four hikes, petrol and diesel prices have risen by 80 paise a litre, making it the biggest one-day rise since the start of the daily price review five years ago.
According to Moody’s Investors Services, oil companies lost about $2.25 billion (roughly converted into ₹19,000 crore) in revenue for keeping petrol and diesel prices down for the past four and a half months. According to Kotak Institutional Equities, oil companies are demanding to raise diesel prices by ₹13.1-24.9 per liter and ₹10.6-22.3 per liter of gasoline at an underlying crude price of $100-120 per barrel. CRISIL Research had declared that a ₹A 9 to 12 per liter increase in retail price will be required for full pass-through of an average of $100 per barrel of crude oil.
Date of first publication: March 27, 2022, 07:58 IST
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