Petrol, diesel price today: Petrol and diesel prices were on Wednesday, March 30, 2022 was hiked by 80 paise a litre each, taking the total increase in rates in the last nine days to Rs 5.60 per litre. Petrol in Delhi will now cost Rs 101.01 per litre as against Rs 100.21 previously while diesel rates have gone up from Rs 91.47 per litre to Rs 92.27 according to a price notification of state fuel retailers.
Meanwhile, in Mumbai, the prices of petrol and diesel were hiked by 84 paise and 85 paise respectively. Now, the people in the finance capital will have to pay Rs 115.88 for petrol and Rs 100.10 for diesel. The revised rates of petrol and diesel in Chennai is Rs 106.69 and Rs 96.76.
This is the ninth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. 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 the following days, petrol price went up by 50 paise and 30 paise a litre, while diesel rose by 55 paise and 35 paise a litre.
In all, petrol and diesel prices have gone up by Rs 5.60 per litre – the steepest increase in any eight days since the daily price revision was implemented in June 2017.
On being questioned by the opposition, FM Nirmala Sitharaman, earlier this week said, that the Russia-Ukraine conflict is responsible for rising fuel prices because supply chains, particularly those of crude oil, have been disrupted. Attributing the rising fuel prices to the global situation, the minister said “it has nothing to do with the election time. If the oil-marketing companies think they are procuring … at a higher rate, obviously we will have to bear it. And this war’s impact is on all countries”.
The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around $82 per barrel to $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.
Moody’s Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
Oil prices climbed on Wednesday, erasing losses from the previous session, on hopes of progress in peace talks between Russia and Ukraine and providing a fresh reminder supply remains tight as data showed U.S. crude stocks fell sharply last week. Brent crude futures touched a high of $112.78 shortly after opening and were up $1.35, or 1.2 per cent, at $111.58 at 0005 GMT, reversing a 2 per cent loss in the previous session. U.S. West Texas Intermediate (WTI) crude futures jumped $1.29, or 1.2 per cent, to $105.53 a barrel, erasing a 1.6per cent drop on Tuesday.
Petrol, Diesel Prices on Wednesday, March 30 in Delhi, Mumbai and Other Cities in India
Delhi
Petrol – Rs 101.01 per litre
Diesel – Rs 93.27 per litre
Mumbai
Petrol – Rs 115.88 per litre
Diesel – Rs 100.10 per litre
Chennai
Petrol – Rs 106.69 per litre
Diesel – Rs 96.76 per litre
Kolkata
Petrol – Rs 110.52 per litre
Diesel – Rs 95.42 per litre
Noida
Petrol – Rs 101.08 per liter
Diesel – Rs 92.62 per liter
Lucknow
Petrol – Rs 100.86 per liter
Diesel – Rs 92.42 per liter
Patna
Petrol – Rs 111.68 per liter
Diesel – Rs 96.68 per liter
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