Petrol, Diesel Prices To Shoot Up By Rs 15 Per Litre: Reports

New Delhi: Petrol and Diesel prices expected to witness a hike in the coming days as oil companies are bracing themselves to pare the losses accumulated from keeping rate steady for several months.

According to a PTI report, the prices can see a jump of Rs 15 a litre for fuel retailers to break even.

However, at present, the prices are stable, but in the next 10 days, the price may increase by Rs 12. If we talk about today i.e. Saturday, March 5, 2022, then the prices of petrol and diesel in the country are still stable.

Oil prices are also unlikely to increase before the assembly elections. But since only five days are left for the election results to come and due to Russia-Ukraine war, there has been a record jump in the crude oil market.

As per reports, the price of crude oil that India buys has gone up to $ 117.39 per barrel on March 3. This fuel price is the highest since the year 2012. In early November last year, when petrol and diesel prices were put on hold, the average crude oil price stood at $81.5 per barrel.

In such a situation, it is expected that the retail fuel sellers need to increase the price of petrol and diesel by more than Rs 12 per liter by March 16 to recover the cost.

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