Petrol, diesel prices remain unchanged after two consecutive hikes

Oil marketing companies resumed increasing the price of petrol and diesel on Tuesday after a 137-day hiatus.
By : HT Auto Desk
| Updated on: 24 Mar 2022, 09:15 AM
Petrol and diesel prices have gone up by ₹1.60 per litre in the last two days after oil companies began revising fuel rates on Tuesday. (HT_PRINT)
Petrol and diesel prices have gone up by ₹1.60 per litre in the last two days after oil companies began revising fuel rates on Tuesday. (HT_PRINT)
Petrol and diesel prices have gone up by ₹1.60 per litre in the last two days after oil companies began revising fuel rates on Tuesday. (HT_PRINT)
Petrol and diesel prices have gone up by ₹1.60 per litre in the last two days after oil companies began revising fuel rates on Tuesday.

Petrol and diesel prices remain unchanged on Thursday after two days of consecutive hikes on Tuesday and Wednesday. The price of motor fuels started increasing again on Tuesday after a 137-day hiatus since November. The latest series of hikes for both petrol and diesel prices were announced in line with the increased price of crude oil in the international market, due to the uncertainty created by the war between Russia and Ukraine.

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(Also read: Will petrol, diesel rates hit new highs in India? Here are tell-tale signs)

The oil marketing companies in India hikes the price of petrol and diesel by 80 paise on Wednesday. On Thursday, a litre of petrol is priced at 97.01 in Delhi, while the diesel is priced at 88.27 per litre.

The cost of petrol in Mumbai is 111.67 per litre, while the price of diesel is 95.85 per litre. In Kolkata, petrol and diesel continue to have the same cost as yesterday with a litre of petrol being retailed at 106.34 and diesel at 91.42. In Chennai, the petrol price on Thursday is 102.91 per litre and diesel costs 92.95 for a litre.

The resumption of fuel price hikes has started fanning concerns of stoking inflation. Amid the concerns of supply shortage for fuel, the Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has allayed fears of short supply of crude oil amid the Russia-Ukraine war. He said in the parliament that crude oil imports from Russia are minuscule at just 0.2 per cent of total oil imports till January this fiscal.

India currently imports 85 per cent of its total fuel requirement from overseas. Hence, the slightest change in crude oil price in the international market impacts domestic fuel prices, eventually impacting the motorists and common people at large.

First Published Date: 24 Mar 2022, 09:15 AM IST
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