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.

Petrol and diesel prices have been hiked across India for the second consecutive day. (Keshav Singh/HT) (HT_PRINT)
Petrol and diesel prices have been hiked across India for the second consecutive day. (Keshav Singh/HT)

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.

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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

First Published Date: 23 Mar 2022, 07:54 AM IST
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