Petrol, diesel prices today: Respite after two consecutive hikes

Petrol and diesel prices have gone up by 1.60 per litre in the last two days after oil companies began revising fuel rates since Tuesday despite international oil prices remain flat.
By : HT Auto Desk
| Updated on: 24 Mar 2022, 07:36 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 since 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 since 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 since 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 since Tuesday.

Petrol and diesel prices today have remained static after two days of consecutive hikes. The oil companies have given a respite after the price of both fuel went up by 1.60 per litre since Tuesday, when they resumed revision in rates of petrol and diesel. The hikes have come after a hiatus of nearly five months since tax were reduced on these fuel ahead of the state assembly elections.

On Wednesday, petrol and diesel prices were hiked by 80 paise per litre each. The two consecutive hikes have taken the fuel price to new highs across India. Petrol price in Delhi has now reached 97.01 per litre, while diesel price has gone up to 88.27. In Mumbai, petrol price has now gone up to 111.67 per litre while diesel now costs 95.85. Petrol price in Kolkata now stand at 106.34 per litre and 91.42 per litre for diesel while prices in Chennai has increased to 102.91 per litre for petrol and 92.95 a litre for diesel.

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According to oil company executives, the latest price hike is “too late and too little" as revenue losses on petrol and diesel before the current hike were about 12 per litre and 24 a litre, respectively. “Revenue loss doesn’t mean actual loss. Public sector companies have not been set up with profit motive. They also serve the people and keeping fuel prices under check is part of government’s energy security strategy," one of the officials was quoted as saying.

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

The three state-run oil companies, which includes Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), control almost 90 percent of the Indian fuel market.

The ongoing conflict between Russia and Ukraine saw cost of raw material (crude oil) soared by USD 30 per barrel during this period. Price of crude oil also reached new heights.

Last week, the government raised the bulk diesel prices by 25 a litre which has significantly impacted private fuel pumps. Price of diesel sold to bulk users increased to 122.05 per litre in Mumbai as compared to 95 to be paid by individual buyers.

 

First Published Date: 24 Mar 2022, 07:36 AM IST
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