29 Mar , 2022 By : Kanchan Joshi
Petrol price on Tuesday was hiked by 80 paise a litre and diesel by 70 paise, taking the total increase in rates in the last one week to Rs4.80 per litre.
Petrol in Delhi will now cost Rs100.21 per litre as against Rs99.41 previously while diesel rates have gone up from Rs90.77 per litre to Rs91.47, according to a price notification of state fuel retailers.
In Mumbai, the prices of petrol and diesel were hiked by 85 paise and 75 paise respectively. Now, the people in the finance capital will have to pay Rs115.04 for petrol and Rs99.25 for diesel.
The revised rates of petrol and diesel in Chennai is Rs105.94 and Rs96.00, while in Kolkata, the price of petrol is Rs109.68 and diesel is Rs94.62. In Bengaluru, the price of petrol is Rs105.62 per litre and Rs89.70 per litre for diesel. In Hyderabad, per litre of petrol will cost Rs113.61 and Rs99.84 for a litre of diesel
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
This is the seventh increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
In the first four 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 Rs4 .80 per litre and diesel also by Rs4.80 per litre.
Oil companies "will need to raise diesel prices by Rs13.1-24.9 per litre and Rs10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel," according to Kotak Institutional Equities.
CRISIL Research said a Rs9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs15-20 a litre hike if the average crude oil price rises to USD 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.
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