Petrol, diesel prices steady for six days, slight relief from relentless hikes

Petrol and diesel were last hiked in India on April 6.
By : HT Auto Desk
| Updated on: 12 Apr 2022, 09:57 AM
Petrol prices have shot through the roof and have been maintaining skyward movement in recent weeks. (REUTERS)
Petrol prices have shot through the roof and have been maintaining skyward movement in recent weeks. (REUTERS)
Petrol prices have shot through the roof and have been maintaining skyward movement in recent weeks. (REUTERS)
Petrol prices have shot through the roof and have been maintaining skyward movement in recent weeks.

Petrol and diesel prices are steady on Tuesday for six days in a row after surging by 10 per litre for each since March 22. The oil marketing companies have kept daily price revision on hold for the last six days, in the light of lowering crude oil prices in the international market. Petrol and diesel were last hiked in India on April 6.

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(Also read: Auto rickshaw, cab drivers in Delhi demand CNG subsidy, stage protest)

The price of petrol in Delhi on Tuesday stands high at 105.41 per litre and diesel price at 96.67 per litre. Petrol and diesel prices in Mumbai currently stand at 120.51 a litre and 104.77 per litre. The pause in daily price hikes comes as a relief to the motorists and common people.

Petrol and diesel prices witnessed a rapid surge last year before November. However, with the reduction of excise duty by the central government and VAT rate cuts by several state governments, petrol and diesel prices dipped in November 2021. After a four and half month hiatus, the oil marketing companies restarted daily price revision again last month, right after the results of the five state assembly elections were announced.

After the price revision resumed last month, in just two weeks, both petrol and diesel prices were increased by 10 a litre for each fuel putting pressure on the motorists and common people as well. While the latest pause in daily price hikes brings a slight relief for people, the price of motor fuels may surge again with the slightest volatility in the international crude oil price.

The government blamed the relentless hike in crude oil prices in the international market for the petrol and diesel price surge in India. At one point, crude oil prices hit $139 per barrel a few days ago, in the light of the Russia and Ukraine war.

First Published Date: 12 Apr 2022, 09:57 AM IST
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