Petrol, diesel prices hiked for the ninth time in 10 days in India

Petrol, diesel prices hiked for the ninth time in 10 days in India By Nidhul - March 31, 2022
Petrol and diesel prices

Representative image: BCCL

The price of petrol and diesel were hiked again by 80 paise per litre today, March 31, for the ninth time within a span of just 10 days. The total price of petrol and diesel increased in the last 10 days now stands at ?6.40 per litre.

The fuel prices have seen a significant rise across the entire country, but the rate varies from state to state depending on the local tax rates.

In Delhi, petrol will now cost ?101.81, an increase of 80 paise per litre, while diesel rate is ?93.07.

Similarly in Mumbai, the petrol and diesel prices were hiked by 84 paise per litre since yesterday. The petrol rate in Mumbai is now ?116.72, while diesel costs ?100.94.

In Chennai, both petrol and diesel prices shot up by 76 paise, which is comparatively lower than Mumbai and Delhi. The petrol price in Chennai is now ?107.45 and diesel prices are ?97.52.

Kolkata has seen a significant rise in both petrol and diesel prices, an increase by 83 paise and 80 paise per litre respectively.

Indian Oil, Bharat Petroleum, and Hindustan Petroleum have lost over 2 billion or ?19,000 crore for holding up the new pumped prices for a straight four and a half months or 137 days since November due to a steep rise in oil prices in the international market, according to Moody’s Investor services.

The petrol and diesel prices were on pause for 137 days due to assembly elections in five states — Punjab, Uttar Pradesh, Uttarakhand, Goa, and Uttarakhand.

According to CRISIL Research, a hike of ?15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected," rating firm CRISIL had said in a statement.

India’s 85% of oil demand is dependent on imports, according to wire agency PTI.

Source: Business Insider  

By Nidhul - March 31, 2022

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