Petrol, diesel prices hiked again. Check new fuel rates in your cities

Petrol and diesel prices today have been hiked by 80 paise per litre each. This is the second straight hike in fuel prices across the country after the oil companies began revising rates of petrol and diesel from Tuesday. The price of both fuel have been hiked after the rates were kept under check for more than four months.

After the latest hike, petrol price in Delhi has now reached ₹97.01 per litre, up from ₹96.21 on Tuesday. Diesel price in Delhi has gone up from ₹87.47 per litre to ₹88.27.

Similarly, petrol price in Mumbai has now gone up to ₹111.67 per litre while diesel will now cost ₹95.85. Petrol price in Kolkata now stand at ₹106.34 per litre and ₹91.42 per litre for diesel while prices in Chennai will be ₹102.91 per litre for petrol and ₹92.95 a litre for diesel.

On Tuesday, the oil companies ended a record 137-day hiatus in rate revision with an 80 paise per litre increase in rates. Prices had been on a freeze since November 4 ahead of the assembly elections in five states, which included Uttar Pradesh, Punjab and Goa among others.

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. Yet, the oil companies kept the prices under check despite incurring losses.

According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. India is 85 per cent dependent on imports to meet its oil needs.

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