Petrol, Diesel Price Shoots Up Again, Rates Hiked by ₹ 2.40 Per Litre In 4 Days

NEW DELHI: For the third consecutive day, the nation witnessed a hike in fuel prices by 80 paise per litre for petrol and diesel respectively.

Notably, with these three consecutive hikes, starting from March 22, diesel and petrol prices have risen by Rs 2.40 per litre.

According to a price notification issued by state fuel retailers, petrol in Delhi will now cost Rs 97.81 per litre, which was earlier Rs 97.01, and diesel rates will go up from Rs 88.27 per litre to Rs 89.07.

A record 137-day rate revision pause ended on March 22 with an 80-paise-per-litre increase in rates, with similar proportion hikes following in the subsequent days.

Notably, fuel price had been stagnant since November 4 in anticipation of assembly elections in states such as Uttar Pradesh and Punjab, during which the cost of raw material (crude oil) had risen by USD 30 per barrel.

The rate increase was supposed to be coming into effect soon after the final result of the assembly elections on March 10; however, it was postponed.

According to Moody's Investors Services, fuel retailers IOC, BPCL, and HPCL collectively lost around USD 2.25 billion (Rs 19,000 crore) in revenue due to holding petrol and diesel prices during elections in the five states.

As per Kotak Institutional Equities, "Oil companies will need to raise diesel prices by Rs 13.1-24.9 per litre and petrol prices by Rs 10.6-22.3 per litre at an underlying crude price of USD 100-120 per barrel.

Earlier, on November 4th, 2021 the government announced a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel to provide relief to customers and cushion them against the soaring prices international crude oil prices.

Here are the petrol and diesel price across the metro cities:

Also Read: The fuel price conundrum

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