Petrol, Diesel Prices Increased Again, 12th Hike In Two Weeks. See Rates
Petrol, Diesel Prices Today: Fuel prices were hiked again on Monday for the twelfth time in two weeks. In Delhi, petrol and diesel rates were hiked by 40 paise a litre each, according to a price notification of state fuel retailers.
A litre of petrol in the national capital will now cost Rs 103.81 as against Rs 103.41 previously, while diesel will be sold at Rs 95.07 from Rs 94.67 per litre earlier.
In Mumbai, petrol will be retailed at Rs 118.83 per litre, while diesel will be sold at Rs 103.07 per litre. Among the metro cities, fuel rates are the highest in Mumbai. The prices vary across the states due to value-added tax (VAT).
Fuel rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22. In total, petrol and diesel prices have gone up by Rs 8.40 per litre, respectively, after 12 rate revisions.
(Also Read: How To Check Latest Petrol And Diesel Rates In Your City).
Here are the petrol and diesel price across the metro cities:
Moody's Investors Services had stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
Kotak Institutional Equities said that oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on petrol at an underlying crude price of $100-120 per barrel.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.
Globally, oil prices extended losses today as investors eyed the release of supplies from strategic reserves from consuming nations, while a truce in Yemen could ease supply disruption concerns in the Middle East. Brent crude futures fell 79 cents, or 0.8 per cent, to $103.60 a barrel, while U.S. West Texas Intermediate crude was at $98.45 a barrel, down 82 cents, or 0.8 per cent.
