Petrol prices up again; rise by Rs 4.80 per litre in eight days

The domestic retail selling prices of petrol and diesel were increased for the seventh time in eight days on Tuesday.

Consequently, in the past eight days, petrol and diesel prices have increased by Rs 4.80 per litre in the national capital.

These prices were revised for the very first time on Tuesday, March 22, after a gap of more than four months.

On Tuesday, the price of petrol and diesel in New Delhi were increased again by 80 paise and 70 per litre.

As per pump prices, petrol now costs Rs 100.21 per litre and diesel Rs 91.47 per litre in the national capital.

On Monday, petrol prices were increased to Rs 99.41 per litre and diesel Rs 90.77 per litre in Delhi.In the financial capital Mumbai, prices were hiked to Rs 115.04 per litre for petrol and diesel to Rs 99.25 per litre.

Besides, the prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 109.68 and diesel to Rs 94.62 per litre.

In Chennai too, they were increased. Petrol there now costs Rs 105.94 and diesel Rs 96 per litre.

Till last Tuesday, fuel prices were steady since November 2021 when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.

The OMCs revise the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel amongst others.

Resultantly, the final price includes excise duty, value added tax and dealer's commission.

It was widely expected that the OMCs will revise the current prices due to high crude oil cost.

Lately, crude oil prices have been volatile on fears of tight supplies due to sanctions against Russia.

The crude oil price range is a cause of concern for India as it may ultimately add Rs 10-15 in petrol and diesel selling prices.

At present, India imports nearly 85 per cent of its crude oil requirements.

--IANS

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