Petrol, diesel prices today: Respite after two consecutive hikes
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.
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.