It's one month since petrol and diesel prices resumed revising: Changes we saw
It's been one month since daily price revision of petrol and diesel have resumed again after a four and half month hiatus. In this one month, petrol and diesel prices witnessed a skyrocketed journey when both the motor fuel costs were hiked by ₹10 per litre through 14 revisions, taking the retail prices to a new high. The Indian government blamed the price hikes on extreme fluctuations in crude oil prices in the international market owing to Russia's invasion of Ukraine.
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Crude oil price benchmark in the the international market Brent crude fluctuated between $115.48 and $108.56 between March 22 and April 21. The highest price during this period for the crude oil was $123.74, while lowest was $97.57. During this 30 day period, crude oil price in the international market slumped by $6.11 on an average. However, the reduction didn't reflect in the price of petrol and diesel in the Indian market.
Lately for the last 15 days price of petrol and diesel have been steady. The last time, price of petrol and diesel were hiked on April 6 by 80 paise per litre for both motor fuels. Currently, petrol in Delhi costs ₹105.41 per litre and diesel costs ₹96.67 per litre. In Mumbai, per litre petrol and diesel prices are ₹120.51 and ₹104.77 respectively. In Chennai, petrol costs ₹110.85 per litre and diesel ₹100.94 per litre. In Kolkata, petrol is selling at ₹115.12 per litre and diesel at ₹99.83 per litre.
Not only petrol and diesel but CNG prices too have been increased multiple times in Delhi and Mumbai, increasing pressure on motorists and common people as well. While the motor fuel prices remain steady for more than two weeks now, it could further increase in the coming days depending on the price revision of crude oil in the international market.