Petrol, diesel prices hiked once again
Highlight
- Petrol in Delhi will now cost Rs 103.81 per liter, which was earlier Rs 103.41
- Diesel price increased from Rs 94.67 per liter to Rs 95.07
- Rates have been increased across the country and vary from state to state
Petrol and diesel prices were hiked by 40 paise a liter on Monday, taking the total increase in rates over the past two weeks to Rs 8.40 a litre.
According to the price notification of state fuel retailers, the price of petrol in Delhi will now be Rs 103.81 per liter, while the price of diesel has increased from Rs 94.67 per liter to Rs 95.07.
Rates have been hiked across the country and vary from state to state, based on local taxation events.
This is the 12th increase in prices since the end of a four-and-a-half-month long hiatus in the rate revision on March 22.
Overall, the price of petrol has increased by Rs 8.40 per liter.
In states such as Uttar Pradesh and Punjab, prices were stable since November 4, ahead of the assembly elections – a period during which the price of raw materials (crude oil) rose by around USD 30 per barrel.
The revision of rates was expected soon after the counting of votes on March 10, but was postponed by a couple of weeks.
The increase in retail price due to increase in crude oil prices during a span of 137 days is huge, but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd. HPCL) is passing. On the necessary increase in stages.
Moody’s Investors Services said last month that the state’s retailers overall lost around USD 2.25 billion (Rs 19,000 crore) for maintaining petrol and diesel prices during the election period.
According to Kotak Institutional Equities, oil companies “will need to increase the prices of diesel by Rs 13.1-24.9 per liter and on gasoline (petrol) by Rs 10.6-22.3 per litre.”
Crisil Research said that if the average crude oil price rises to USD 110, the retail price will increase by Rs 9-12 per liter for a complete pass-through of crude at an average of $100 per barrel and an increase of Rs 15-20 per litre. increase will be required. -120.
India is 85 per cent dependent on imports to meet its oil needs and hence retail rates are adjusted according to global movement.
(with inputs from PTI)
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