Fuel prices were hiked again on Tuesday, March 29, 2022, across metro cities for the seven time in the last eight days. Petrol rates were hiked by 80 paise a litre and diesel by 70 paise a litre, according to a price notification of state fuel retailers. Petrol, diesel prices hike today: Check latest rates in your cities.
Taking the total increase in rates in the last one week to Rs 4.80 per litre. Petrol in Delhi will now cost Rs 100.21 per litre as against Rs 99.41 previously while diesel rates have gone up from Rs 90.77 per litre to R 91.47, according to a price notification of state fuel retailers.
In Mumbai, the prices of petrol and diesel were hiked by 85 paise and 75 paise respectively. Now, the people in the finance capital will have to pay Rs 115.04 for petrol and Rs 99.25 for diesel. The revised rates of petrol and diesel in Chennai is Rs 105.94 and Rs 96.00.
while in Kolkata, the price of petrol is Rs 109.68 and diesel is Rs 94.62. In Bengaluru, the price of petrol is Rs 105.62 per litre and Rs 89.70 per litre for diesel. In Hyderabad, per litre of petrol will cost Rs 113.61 and Rs 99.84 for a litre of diesel
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. This is the seventh increase in prices since the ending of a four-and-half-month-long hiatus in rate revision on March 22.
In the first four four occasions, prices were increased by 80 paise a litre – the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise. In all, petrol prices have gone up by Rs 4 .80 per litre and diesel also by Rs 4.80 per litre.
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 gasoline (petrol) at an underlying crude price of USD 100-120 per barrel,” according to Kotak Institutional Equities.
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CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to USD 110-120.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
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