Petrol, diesel prices today: Fuel rates go up by 80 paise again

By Team Newsable | First Published Mar 30, 2022, 8:50 AM IST

With this, the total revision in rates of petrol and diesel in the last nine days reached Rs 5.60 per litre.

Fuel prices were hiked once again on Wednesday by 80 paise a litre each. With this, the total revision in rates of petrol and diesel in the last nine days reached Rs 5.60 per litre.

This is the ninth hike in prices since the oil marketing companies ended their four-and-a-half month halt on the rate revision. Since March 22, people have been hit hard with hikes in rates of petrol and diesel. In the initial four days, the prices were hiked by 80 paise per litre -- the steepest single-day rise since June 2017 when daily price revision was rolled out.

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The next couple of days saw the diesel rising by 55 paise and 35 paise a litre while petrol price went up by 50 paise and 30 paise a litre. Yesterday, petrol was again costlier by 80 paise per litre while diesel was up by 70 paise a litre.

Data from the oil marketing companies showed that the new rate for Petrol in the national capital is Rs 101.01 per litre while the cost of diesel has gone up from Rs 91.47 per litre to Rs 92.27.

In Mumbai, petrol now costs Rs 115.88 per litre while diesel costs Rs 100.10. In Chennai, the litre of petrol costs Rs 106.69 while diesel is at Rs 96.76 per litre. In Kolkata, petrol now costs Rs 110.52 a litre while diesel is being sold at Rs 95.42 per litre.

Fuel rate revision had been put on hold in view of the elections in the five states of Punjab, Uttar Pradesh, Goa, Manipur and Uttarakhand. According to Moody's Investors Services, this cost the oil retailers a revenue of $2.25 billion (Rs 19,000 crore). A revision had been expected after the counting of votes ended. However, the oil marketing companies were forced to hike the fuel rates after prices of crude oil in the international market crossed the $100 mark following Russia's invasion of Ukraine.

While the consumers face the pinch of the rising fuel prices, experts believe that the hardships will only increase in the days to come. According to some experts, the Oil companies may have to increase petrol prices by Rs 10.6-Rs 22.3 a litre and diesel prices by Rs 13.1-Rs24.9 per litre at an underlying crude price of $100-120 per barrel.

Rates have been revised across the country. The prices vary from state to state based on the percentage of taxes being levied on the fuel.

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