Petrol, diesel prices hiked again by 80p/litre, 4th increase in 5 days
Petrol, diesel prices hiked again by 80p/litre, 4th increase in 5 days: A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates of petrol and diesel, and similar proportion hikes have followed in subsequent days.
On Saturday, the cost of petrol in the national capital Delhi surged to ₹98.61/litre while diesel climbed to ₹89.87 per litre, according to a price notification of state fuel retailers.
On the other hand, in Mumbai petrol has been increased by 84 paise to ₹113.35 while in Chennai the fuel went up by 76 paise to ₹104.43. In Kolkata, rates increased to ₹108.01 from ₹107.18 (83 paise hike).
Petrol and diesel prices had been a freeze since November 4—- a period during which the cost of raw material (crude oil) soared by $30 per barrel. The rate revision was expected after the result of the five states assembly election (post-March 10), but it was put off.
Moody’s Investors Services says fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion ( ₹19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states.
According to the Centre, the fuel prices are up because of the Russia-Ukraine war. In a session, Union Transport Minister Nitin Gadkari said, ” In India, 80% of the oil is imported. Amid the ongoing war between Russia and Ukraine, the oil prices have spiralled up within international markets and we can not do anything about that”.
He said he has been making a pitch for making India self-reliant since 2004, “with which, we need to make our own fuel,” while laying stress on the need for developing indigenous energy generation capabilities.
Petrol Prices on March 26, 2022
Petrol, diesel prices hiked again by 80p/litre, 4th increase in 5 days – check latest rates
Diesel Prices on March 26, 2022