Petrol, diesel prices rise for sixth time in 7 days today. Check rates
Petrol and diesel prices have been increased for the sixth time in the last seven days after the oil marketing companies have resumed daily price revision after a four-month hiatus. The OMCs have increased prices of both petrol and diesel on Monday by 30 paise per litre on petrol and 35 paise per litre on diesel, respectively. With this, the prices of petrol and diesel have been increased by around ₹4 per litre in the last seven days.
Also, with this latest hike, petrol now costs ₹99.41 per litre in Delhi, while diesel costs ₹90.77 per litre in the national capital. Another price hike, which is expected early this week would breach the diesel price breaking ₹100 a litre barrier.
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The hike on Monday comes following the price surge on Sunday when petrol and diesel prices were increased by 50 paise a litre and 55 paise a litre, respectively, which took the total hike in rates since the resumption of daily price revision less than a week back to ₹3.70-3.75 per litre.
The price of petrol and diesel are closely related to the crude oil price in the international market, which has been experiencing a massive fluctuation in the last few weeks due to the ongoing war between Russia and Ukraine. As India imports 85 per cent of i6ts 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.
Meanwhile, the government has been accused by its opposition of earning ₹26 lakh crore through excise duty on petrol and diesel in about eight years.