NEW DELHI: Petrol and diesel prices were on Wednesday, March 23, again hiked by 80 paise a litre for a second consecutive day, since the Oil Marketing Companies(OMCs) started the increase in petroleum products after a gap of more than four months.
Today, petrol in Delhi will now cost ₹97.01 per litre as against ₹96.21 previously while diesel rates have gone up from ₹88.27 per litre to ₹86.67, according to a price notification of state-owned fuel retailers.
In Mumbai, the petrol price has been hiked to ₹111.67 per litre, and diesel to ₹95.85 per litre.As for Kolkata and Chennai, petrol and diesel cost ₹106.34 and ₹91.42 and ₹102.91 and ₹92.95 respectively in Chennai.
The price of petrol and diesel in Bengaluru on Wednesday was at Rs102.26 and Rs86.58 respectively while in Gurugram it is RS 97.50 for petrol and ₹88.72 fro diesel.
The price of petrol and diesel in India depends on the international crude oil prices, rupee-dollar exchange rate and various taxes levied by the central government and state governments. A sudden jump in the crude oil prices amid Russian invasion in Ukraine, has prompted the oil marketing companies to raise the fuel prices in India.
In the international market, crude oil prices jumped on Wednesday, erasing losses from the previous session. Brent crude futures climbed $1.06, or 0.9 per cent, to $116.54 a barrel at 0213 GMT. US West Texas Intermediate (WTI) crude futures rose 87 cents, or 0.8 per cent, to $110.14 a barrel.
The resumption of fuel price hikes has fanned concerns of stoking inflation, which is already above the targeted 6 per cent level.
On November 3 last year the Centre had cut excise duty by ₹5 per litre on petrol and ₹10 per litre on diesel to bring down the retail prices across the country.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had said that nine states had not reduced VAT on petrol and diesel after the Centre’s move to reduce excise duty on the petroleum products.