Petrol and diesel prices were hiked again on Monday, for the sixth time in a week, resulting in a rise of 4.00 and 4.10 per liter since Tuesday. Petrol and diesel prices in Delhi have risen by 30 and 35 paise, respectively, to 99.11 and 90.42 rupees per liter today.
Petrol and diesel rates in Mumbai were raised by 31 paise and 37 paise, respectively. People in the financial capital will now have to spend Rs.114.19 on gasoline and Rs.98.50 on diesel.
In Chennai, the revised rates for petrol and diesel are Rs.105.18 and Rs.95.33, respectively, while in Kolkata, the price of petrol is Rs.108.85 and diesel is Rs.93.92. Petrol costs Rs.104.78 per liter in Bengaluru, while diesel costs 89.02 rupees per liter.
This is the sixth increase in fuel prices since ending a four-and-half-month pause on March 22. On all four occasions, fuel prices were hiked by 80 paise per liter.
Rates have been raised across the country and vary from state to state depending upon the incidence of local taxation.
There had been a pause in the revision of fuel prices since November 4 of last year, which was broken on March 22 when crude oil rose in response 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 change in accordance with global movements.
Experts say that the third day of fuel price hike in the same week raises alarming concerns of stoking inflation, which is already above the targeted 6 per cent.
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.
