New Delhi: Petrol and diesel prices were hiked again on Sunday – the fifth increase in six days.
Petrol will now cost 50 paise a liter and diesel 55 paise a liter.
According to the price notification of the state fuel retailers, the price of petrol in Delhi will now be Rs 99.11 per liter, while the price of diesel has gone up to Rs 90.42.
Prices were stable since November 4, ahead of assembly elections in five states.
But four increments of 80 paise each, and the latest hike on Sunday mean that petrol will now cost Rs 3.70 more and diesel Rs 3.75 per liter than the prices six days ago.
Fuel prices in international markets, which were already rising on the back of economic recovery after the Covid slowdown, have risen further after Russia’s invasion of Ukraine put pressure on domestic retailers.
Indian oil companies, which did not revise petrol and diesel rates for a record 137 days despite crude oil (the raw material for fuel production) rising to $117 a barrel from around $82 in early November, now Consumers increase the required steps.
Crisil Research said an increase in the average crude oil price to $110-120 would require an increase of Rs 9-12 a liter in the retail price, for an average of $100 a barrel crude and an increase of Rs 15-20 a litre. . ,
(with inputs from PTI)