Petrol and diesel prices were hiked today by 80 paise per liter, bringing the total increase in rates over the last nine days to Rs.5.60 per liter.
According to a price notification issued by state fuel retailers, petrol in Delhi will now cost Rs.101.01 per liter, up from Rs.100.21 before, while diesel prices would rise from 91.47 per liter to 92.27.
In Mumbai, petrol and diesel rates per liter increased by 84 and 85 paise, respectively, to Rs.115.88 and Rs.100.10.
Rates have been increased across the country and vary from state to state, depending on the extent of local taxation.
This is the ninth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
On the first four occasions, prices were increased by 80 paise a liter - the steepest single-day rise since the daily price revision was introduced in June 2017.
On the following days, petrol prices rose by 50 paise and 30 paise per liter, respectively, while diesel prices rose by 55 paise and 35 paise per liter. Petrol prices were raised by 80 paise per liter on Tuesday, while diesel prices were raised by 70 paise.
In all, petrol and diesel prices have gone up by Rs.5.60 per liter each.
Since November 4 of last year, there had been a pause in the revision of fuel prices, which was interrupted on March 22 when crude oil rose in reaction to Russian military operations in Ukraine.
Prices are expected to rise further as a result of the sharp jump in crude oil prices in the international markets. It will have a cascading impact on the pricing of other items, causing inflationary pressure and hurt growth. It will have a cascading effect on the prices of other items.
Since India is 85 percent reliant on imports to satisfy its oil needs, retail prices fluctuate in accordance with global movements.
This revision is based on the average of international benchmark prices over the past 15 days, and state-run OMCs - Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL) – could revise retail petrol and diesel prices daily.
