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Fuel prices hiked again by 80 paise/litre; Fourth time in five days | Check rates here

By Ruchi Upadhyay 
Updated Date

New Delhi: Petrol and diesel prices have been hiked again on Saturday (March 26, 2022) by 80 paise per litre, the third time in the last four days. With three increases beginning March 22, petrol and diesel prices have gone up by Rs 2.40 a litre.

Also Read :- Govt's big move to control inflation: Biggest excise duty cut, more LPG & fertilizer subsidy | know city-wise rates here

These hikes are the steepest single-day rise since the daily price revision began in June 2017.

Petrol, diesel prices hiked by 80 paise again, here are latest rates
With the latest price revision, petrol in Delhi will now sell at Rs 98.61 per litre. On the other hand, diesel will retail at Rs 89,87 per litre in the national capital. In Mumbai, petrol and diesel, on Saturday, will retail at Rs 113.31 and Rs 97.50 per litre, respectively.

All the four increases since the ending of a four-and-half-month long hiatus in rate revision on March 22, have been of 80 paise a litre. These increase increases are the steepest single-day rise since the daily price revision was started in June 2017.

In four increases, petrol and diesel prices have gone up by ₹ 3.20 a litre.

Also Read :- Fuel on fire: Petrol price in Mumbai reaches record high; Check rates in metro cities

Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.

The rate revision was expected soon after assembly elections ended on March 10 but it was put off.

Oil companies, who did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to USD 117 per barrel compared to around USD 82 in early November, are now passing on to consumers the required increase in stages.

Moody’s Investors Services on Thursday stated that state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together lost around USD 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies “will need to raise diesel prices by ₹ 13.1-24.9 per litre and ₹ 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel,” according to Kotak Institutional Equities.

Also Read :- Petrol, diesel prices go up again after day's gap, total hike ₹ 7.20 in 12 days | Check fuel rates here

CRISIL Research said a ₹ 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and ₹ 15-20 a litre hike if the average crude oil price rises to USD 110-120.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

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