Petrol, diesel price hiked again; petrol now at Rs 100, diesel at Rs 91.47

This is the seventh increase in prices since the ending of a four-and-half-month-long hiatus in rate revision on March 22.

Petrol price on Tuesday was hiked by 80 paise a litre and diesel by 70 paise, taking the total increase in rates in one week to Rs 4.80 per litre. This is the seventh increase in prices since the ending of a four-and-half-month-long hiatus in rate revision on March 22.

Petrol in Delhi will now cost Rs 100.21 per litre as against Rs 99.41 previously. Diesel rates have increased from Rs 90.77 per litre to Rs 91.47, according to a price notification of state fuel retailers.

In Mumbai, after an increase of 85 paise and 75 paise respectively, petrol will now cost Rs 115.04 per litre, while diesel rates have reached Rs 99.25.

In Kolkata, the price of petrol is Rs 109.68 (increased by 83 paise) and diesel is Rs 94.62 (increased by 70 paise). Petrol in Chennai will now be sold at Rs 105.94 per litre, while diesel will cost Rs 96.

In India, petrol and diesel prices depend on various factors such as demand for fuel, valuation of INR against USD, consumption ratio of refineries and more. The prices of petrol and diesel vary from state to state, depending on the incidence of local taxes like value-added tax (VAT) and freight charges.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around USD 82 per barrel to USD 120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.