Petrol, diesel prices witness spike after 137 days; check rates
By Team Newsable | First Published Mar 22, 2022, 8:42 AM ISTThe 80 paise hike means that petrol in Delhi now costs Rs 96.21 a litre while diesel costs Rs 87.47.
After 137 days of stability, petrol and diesel prices have been increased by 80 paise from Tuesday, March 22. Indian Oil Corporation had informed dealers that the new rates will be effective from March 22, 6:00 am.
The Russia-Ukraine crisis resulting in a massive spike in the global crude oil prices. The crude oil prices crossed the $100 a barrel figure mark and reached multi-year highs earlier this month. However, Oil Marketing Companies had so far refrained from revising the fuel rates.
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The 80 paise hike means that petrol in Delhi now costs Rs 96.21 a litre while diesel costs Rs 87.47.
In Mumbai, petrol costs Rs 110.78 per litre while diesel is priced at Rs 94.94 per litre.
The price of petrol in Chennai has gone up to Rs 102.2 while diesel will cost Rs 92.23.
In Kolkata, petrol costs Rs 105.47 per litre while diesel is priced at Rs 90.59 per litre. The price of petrol in Bengaluru will now be Rs 101.38 while diesel will be available at Rs 85.81 per litre.
According to reports, the price of home cooking gas (LPG) was raised by Rs 50 per cylinder on Tuesday. In Delhi, a 14.2-kg non-subsidised LPG cylinder would now cost Rs 949.50. According to reports, a 5-kg LPG cylinder would now cost Rs 349, while a 10-kg composite bottle will cost Rs 669.
The commercial cylinder weighing 19 kg will now cost Rs 2,003.50. LPG prices have risen for the first time since early October. Until now, pricing have remained frozen even as the cost of raw materials skyrocketed.
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India -- the third largest oil importer and consumer in the world -- depends upon overseas fuel for meeting 85% of its requirement. The price increase was widely anticipated when the election results were announced on March 10, but it was postponed. The recent petrol and diesel price increases mean that customers across India will have to pay more for gasoline, although the rise will still be less than 1% of what is already paid at the pump for a litre. This is India's first fuel price increase since global oil prices surged following Russia's invasion of Ukraine last month.
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