Petrol, Diesel Prices Increase Again: The prices of petrol and diesel were hiked again on Monday, for the sixth time in a week, leading to an increase of Rs 4.00 and Rs 4.10 per litre respectively since last one week. This is the sixth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. Petrol and diesel after the hike of 30 paise and 35 paise respectively in Delhi are now being sold at Rs 99.41 per litre and Rs 90.72 per litre today. With the latest revision, in Mumbai, the prices of petrol and diesel were hiked by 31 paise and 37 paise respectively. Now, the people in the finance capital will have to pay Rs 114.19 for petrol and Rs 98.50 for diesel.
The revised rates of petrol and diesel in Chennai is Rs 105.18 and Rs 95.33, while in Kolkata, the price of petrol is Rs 108.85 and diesel is Rs 93.92. In Bengaluru, the price of petrol is Rs 104.78 and Rs 89.02 per litre for diesel.
In all, petrol prices have gone up by Rs 4 per litre and diesel by Rs 4.10. 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 the counting of votes on March 10 but it was put off by a couple of weeks.
Moody’s Investors Services last week stated that state retailers 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 Rs 13.1-24.9 per litre and Rs 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.
Crude Oil prices plunged about $4 on Monday as concerns over slower fuel demand in China grew after authorities in Shanghai said they would shut the country’s financial hub for a COVID-19 testing blitz over nine days. The market kicked off another week of uncertainty, buffeted on one side by the ongoing war between Ukraine and Russia, the world’s second-largest crude exporter, and the expansion of COVID-related lockdowns in China, the world’s largest crude importer.
Brent crude futures slid as low as $116.00 a barrel and were trading down $3.88, or 3.2 per cent, at $116.77 at 0131 GMT. U.S. West Texas Intermediate (WTI) crude futures hit a low of $109.30 a barrel, and were down $3.92, or 3.4 per cent, at $109.98.
Petrol, Diesel Prices on Sunday, March 28 in Delhi, Mumbai and Other Cities in India
Delhi
Petrol – Rs 99.41 per litre
Diesel – Rs 90.72 per litre
Mumbai
Petrol – Rs 114.19 per litre
Diesel – Rs 98.50 per litre
Chennai
Petrol – Rs 105.18 per litre
Diesel – Rs 95.33 per litre
Kolkata
Petrol – Rs 108.85 per litre
Diesel – Rs 93.92 per litre
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