Petrol, diesel rates up by 80 paise per litre again, fourth hike in 5 days

The price of petrol and diesel in Delhi became costlier by 80 paise a litre each again on Saturday. Now, petrol is selling in the national capital at Rs 98.61 per litre while diesel is trading at Rs 89.87 per litre. This is the fourth increase in five days as total hike now is Rs 3,2/litre.

In Mumbai, the rate of petrol increased by 84 paise on Saturday, selling at Rs 113.35 per litre. While the price of diesel was up by 85 paise to Rs 97.55 per litre.  

The latest increase in fuel rates comes as the oil prices are witnessing a surge due to the ongoing Russia-Ukraine conflict. The hike also comes after a record hiatus of 137 days as fuel rates were kept constant in the nation owing to the Assembly elections in five states. 

The oil companies are now recouping their losses in revenue for keeping petrol and diesel prices on hold during elections. Fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) during this period, according to Moody's Investors Services.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120, PTI reported.