Petrol, diesel price today: Hiked for ninth time in 10 days, check fuel costs in your city
Petrol and diesel prices were hiked for the ninth time on Thursday in the last 10 days, by 80 paise a litre each, taking the total increase to 6.4 per litre.
Petrol and diesel prices were hiked for the ninth time on Thursday in the last 10 days, by 80 paise a litre each, taking the total increase to 6.4 per litre. Oil Marketing Companies (OMCs) began daily fuel rate revisions on March 22 after a four-and-half-month-long hiatus.
Petrol in Delhi will now cost Rs 101.81 a litre as against Rs 101.01 a litre previously, while diesel rate has gone up to Rs 93.07 per litre from Rs 92.27 a litre, according to a notification of state fuel retailers. In Mumbai, the petrol and diesel prices per litre at Rs 116.72 and Rs 100.94 (increased by 84 paise).
In Chennai, the price of petrol has been increased by 76 paise and it is now sold at Rs 107.45 and diesel at Rs 97.52. In Kolkata, the price of petrol is Rs 111.35, increased by 83 paise and diesel is Rs 96.22, increased by 80 paise.
The retailers are raising prices to bridge under-recoveries that are estimated to have risen to Rs 20-22 when global benchmark oil, Brent, hit $139 per barrel on March 7.
The prices are likely to rise further as oil’s slide to $110 per barrel levels and the seven rate revisions bridges very little of those under-recoveries.
Moody’s Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.