Petrol, diesel prices hiked for 9th time in 10 days. Check rates
Prices of petrol and diesel were hiked on Thursday by another 80 paise per litre each, taking the total increment in 10 days to ₹6.40 a litre in nine revision. The cost of petrol in Delhi now stands at ₹101.81 per litre, while diesel is selling at ₹93.07 per litre. In Mumbai, the petrol and diesel prices have gone up by 84 paise, thus costing ₹116.72 and ₹100.94 per litre respectively.
The price of petrol in Chennai now stands at ₹107.45 after being increased by 76 paise a litre while the price of diesel is ₹97.52 after being increased by 76 paise per litre. Meanwhile in Kolkata, the price of petrol stands at ₹111.35 a litre after being increased by 83 paise and diesel is selling at ₹96.22 per litre after being increased by 80 paise.
The daily motor fuel price revision was paused since November 4 last year, which was broken on March 22, following the crude oil going upwards due to the Russian military operations in Ukraine. Prices of petrol and diesel are set to be hiked further given the sharp jump in crude oil prices in the international markets.
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The fuel price hikes will have a cascading impact on the prices of other items and lead to inflationary pressure and hurt economic growth. It will have a cascading effect on the prices of other items as well.
As India imports 85 per cent of its energy needs from the international market, a slight fluctuation in prices of crude oil in the international market impacts the petrol and diesel costs in the country. Experts suggest that the price of petrol and diesel will continue to surge in the Indian market in small doses.
(with inputs from ANI)