Petrol And Diesel Prices Hiked Again In India, Check Out The Latest Rates Here
The petrol and diesel prices in India witnessed another 80-paise hike per litre on Friday, third increase in four days. Petrol and diesel have seen an overall increase of ₹2.4 per litre after months-long hiatus as India’s top fuel retailers kept fuel prices on hold during elections in five states. A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates.
Petrol in Delhi will now cost ₹97.81 per litre as against ₹97.01 previously while the diesel rate has gone up from ₹88.27 per litre to ₹89.07/litre, according to a price notification by Indian Oil Corporation.
In Mumbai, petrol price has been increased by 84 paise to ₹112.51 while in Chennai prices went up by 76 paise to ₹103.67. In Kolkata, rates increased to ₹107.18 from ₹106.34 (84 paise hike).
The diesel price hike in Mumbai was 85 paise per litre. Mumbai’s diesel rates stand at ₹96.70/litre.
Rates differ from state to state depending on the incidence of local taxes.
The petrol and diesel rates had been on a freeze since November 4 — a period during which the cost of raw material (crude oil) soared by $ 30 per barrel.
The rate revision was expected soon after assembly elections ended on March 10 but it was put off.
On Thursday, Moody’s Investors Services said that state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (HPCL) together lost around ₹19,000 crore in revenue for keeping the prices on hold.
“Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around USD 25 (over ₹1,900) per barrel and USD 24 per barrel on sale of petrol and diesel, respectively,” Moody’s said in a report.