Petrol and diesel rates hiked Again: Check latest rates

Petrol and diesel rates hiked by another 40 paise per litre each on Monday, compounding an increase of about Rs 8.40 a litre in twelve revisions in 14 days so far. Petrol and diesel rates hiked Again: Check latest rates.

In the national capital, the petrol price is now 103.81 per litre while diesel is selling at Rs 95.07 per litre. In Mumbai, the petrol and diesel prices have gone up by 42 paise, to Rs 118.83 and diesel price went up by 43 paise to Rs 103.07 per litre respectively. In Chennai, the petrol and diesel prices are at Rs 109.34 and Rs 99.42 per litre.

In Kolkata, the price of petrol is Rs 113.45 (increased by 42 paise) and diesel is Rs 98.22 (increased by 40 paise). In Bengaluru, one litre of petrol will cost Rs 109.41 and one litre of diesel will cost Rs 93.23. There had been a pause in the revision of fuel prices since November 4 last year, which was broken on March 22, following the prices of crude oil going upwards in the wake of the Russian military operations in Ukraine.

Prices are set to be raised further given the sharp jump in crude oil prices in the international markets. It will have a cascading impact on the prices of other items and lead to inflationary pressure and hurt growth while also impacting the prices of other items.

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Notably, on November 3 last year the Centre had cut excise duty by Rs 5 per litre on petrol and Rs 10 per litre on diesel to bring down the retail prices across the country. Following this, several state governments had reduced Value-Added Tax (VAT) on petrol and diesel to provide relief to people.