Petrol and diesel prices on 28 March 2022: Petrol in Delhi will now cost Rs 99.41 per litre while diesel has risen to Rs 90.42; in Mumbai, petrol now stands at Rs 114.19 whereas diesel is Rs 98.5
Representational image. AFP
The price of petrol was hiked by 30 paise a litre and diesel by 35 paise on Monday, taking the total increase in rates in the last one week to Rs 4-4.10 per litre.
Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers.
In Mumbai, the prices of petrol and diesel rose by 31 and 37 paise respectively. Now, people in the financial capital will have to pay Rs 114.19 for a litre of petrol and Rs 98.5 for diesel.
The revised rates of petrol and diesel in Chennai is Rs 105.18 and Rs 95.33, while in Kolkata, the price of petrol is Rs 108.85 and diesel is Rs 93.92. In Bengaluru, the price of petrol is Rs 104.78 and Rs 89.02 per litre for diesel.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
This is the sixth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on 22 March.
In the first four occasions, prices were increased by 80 paise a litre — the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise.
In all, petrol prices have gone up by Rs 4 per litre and diesel by Rs 4.10.
Prices had been on a freeze since 4 November ahead of the Assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about $30 per barrel.
The rate revision was expected soon after counting of votes on 10 March but it was put off by a couple of weeks.
The increase in retail price warranted from crude oil prices rising during the 137 day hiatus from around $82 per barrel to $120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.
Moody’s Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
Oil companies “will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel,” according to Kotak Institutional Equities.
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.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
With inputs from agencies
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