Petrol, diesel prices hiked for eighth time in nine days. Check rates

Prices of petrol and diesel continue to soar with the eighth hike in nine days taking the fuel rates up by another 80 paise per litre each on Wednesday. The total rise in prices of the motor fuels has been of about ₹5.60 a litre since oil marketing firms started price revision on March 22 after a four-and-half-month long hiatus.

With the latest hike, the price of petrol in the national capital now stands at ₹101.01 per litre, while diesel is selling at ₹92.27 per litre. In Mumbai, the petrol and diesel prices have gone up by 84 paise and 85 paise per litre respectively, thus costing ₹115.88 and ₹100.10 per litre.

In Chennai, the price of petrol stands at ₹106.69 after being increased by 75 paise a litre and diesel is ₹96.76 after being increased by 76 paise per litre. In Kolkata, the price of petrol is ₹110.52 a litre after being increased by 84 paise and diesel is ₹95.42 per litre after being increased by 80 paise.

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.

The daily revision in fuel prices was paused on November 4 last year, which was broken on March 22, following the crude oil going upwards due to the Russian invasion of Ukraine. Prices are expected to see further hikes given the sharp jump in crude oil prices in the international markets. This is expected to have a cascading impact on the prices of other items as well and lead to inflationary pressure and hurt growth.

(with inputs from ANI)