Petrol and diesel become pricier again, 12th hike in 14 days

Petrol and diesel prices have been increased again on Monday. The motor fuel prices have been increased 12 times in the last 14 days. On Monday, the oil marketing companies have increased the pricing of petrol and diesel by 40 paise per litre. The latest hike comes after the OMCs increased pricing of the motor fuels by 80 paise a litre on Sunday. With the fresh surge in prices, petrol in Delhi now costs ₹103.81 per litre, while diesel rates have gone up to ₹95.07 per litre. The price of both petrol and diesel have increased by ₹8.40 per litre in the last two weeks.

With the relentless price hikes, petrol price in majority of the cities has crossed ₹100 per litre mark, moping all the benefits the last four and a half months, when oil marketing companies paused daily pricing revision since November 4 last year.

The relentless price hikes are increasing pressure on not only motorists but on the auto industry and citizens as well. Not only petrol and diesel, but the pricing of CNG too have also increased recently. CNG in Delhi currently sells at ₹61.61 per kg after the fresh hikes.

The government claims that these latest hikes in petrol and diesel prices have been initiated in line with the rising price of crude oil in the international market, owing to the ongoing war between Russia and Ukraine. A few days back, the crude oil price in the international market hit $139 per barrel. However, with the US releasing oil to the global market from its reserve, pricing of the crude oil has come down to slightly over $100 per barrel. But that reduction doesn't reflect in the price of petrol and diesel in India, as the oil marketing companies are continuing their price hike moves.