Petrol, Diesel Prices Today: For the fourteenth time in 16 days, fuel prices were hiked again on Wednesday. Petrol and diesel rates in Delhi were hiked by 80 paise per liter, according to a price notification from state fuel retailers.
A liter of petrol in the national capital will now cost Rs 105.41 from Rs 104.61 earlier, while diesel will be sold at Rs 96.67 from Rs 95.87 per litre.
Petrol in Mumbai will be sold at Rs 120.51 per litre, while diesel will be sold at Rs 104.77 per litre. Among the metro cities, Mumbai has the highest fuel rates. Prices vary from state to state due to Value Added Tax (VAT).
Fuel rates remained stable for more than four months despite a hike in crude oil prices. The rate revision ended on March 22. Overall, petrol and diesel prices have increased by Rs 10 per liter respectively after 14 rate revisions.
(Also Read: How To Check Latest Petrol And Diesel Rates In Your City).
Petrol and diesel prices in metro cities are as follows:
Moody’s Investors Services had said the state’s retailers in total lost nearly $2.25 billion (Rs 19,000 crore) in revenue for maintaining petrol and diesel prices during the election period.
The rates were withheld in the midst of assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
Kotak Institutional Equities said oil companies “will need to raise diesel prices by Rs 13.1-24.9 per liter and petrol by Rs 10.6-22.3 per liter at the underlying crude price of $100-120 per barrel”.
Crisil Research said an increase in the average crude oil price to $110-120 would require an increase of Rs 9-12 a liter in the retail price, for an average of $100 a barrel crude and an increase of Rs 15-20 a litre. . ,
State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel rates on a daily basis, taking into account crude oil prices and rupee-dollar exchange rates in international markets. Any change in the prices of petrol and diesel is effective from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and domestic petrol and diesel prices are linked to international rates.
Globally, oil futures slipped today, extending losses from the previous day, with a strong US dollar prompting fresh selling, while a build-up in US crude stocks and Shanghai’s extended lockdown fueled fears of slower demand. Brent crude futures fell 97 cents, or 0.9 per cent, to $105.67 a barrel, while US West Texas Intermediate futures were down 98 cents, or 1 per cent, at $100.98 a barrel.