New Delhi: Petrol price on Tuesday, March 29, was hiked by 80 paise a litre and diesel by 70 paise, taking the total increase in rates in the last one week to ₹4.80 per litre. This is the seventh increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
Petrol in Delhi will now cost ₹100.21 per litre as against ₹99.41 previously while diesel rates have gone up from ₹90.77 per litre to ₹91.47, according to a price notification of state fuel retailers.
In Mumbai, the prices of petrol and diesel were hiked by 85 paise and 75 paise respectively. Now, the people in the finance capital will have to pay ₹115.04 for petrol and ₹99.25 for diesel.
The revised rates of petrol and diesel in Chennai is ₹105.94 and ₹96.00, while in Kolkata, the price of petrol is ₹109.68 and diesel is ₹94.62. In Bengaluru, the price of petrol is ₹105.62 per litre and ₹89.70 per litre for diesel. In Hyderabad, per litre of petrol will cost Rs113.61 and ₹99.84 for a litre of diesel
In 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.
In all, petrol prices have gone up by ₹4 .80 per litre and diesel also by ₹4.80 per litre.
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.
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.