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Petrol, diesel prices hiked again; check new rates in Delhi, Mumbai, other cities

Petrol, diesel prices hiked again; check new rates in Delhi, Mumbai, other cities

Petrol, diesel prices hiked again; check new rates in Delhi, Mumbai, other cities
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By CNBCTV18.com Mar 26, 2022 8:41:10 AM IST (Updated)

Petrol now costs Rs 98.61 per litre in Delhi and diesel is selling for Rs 89.07 per litre. In Mumbai, petrol has gone up to Rs 113.35 per litre and diesel at Rs Rs 97.55.

Petrol and diesel prices were increased for the fourth time in five days on Saturday as oil firms passed on the increased raw material costs to consumers after keeping the rates unchanged for more than four months.

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Petrol now costs Rs 98.61 per litre in Delhi and diesel is selling for Rs 89.07 per litre. In Mumbai, petrol has gone up to Rs 113.35 per litre and diesel at Rs Rs 97.55.
The rise of 80 paise in fuel rates today takes the total hike in the past five days to Rs 3.2 per litre. These increases of 80 paise each time this week are the steepest single-day rise since the daily price revision was started in June 2017.
Oil companies did not revise since November 4 ahead of assembly elections in states like Uttar Pradesh and Punjab. During this period, the cost of raw material (crude oil) soared by about $30 per barrel.
According to Moody's Investors Services, state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together lost around $2.25 billion (Rs 19,000 crore) in revenue as they kept petrol and diesel prices on hold since November.
The price hikes come amid a volatile commodity market globally due to the Russia-Ukraine crisis. On Friday, crude prices rose more than 1 percent to over $120 a barrel as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States.
Brent crude settled up $1.62, or 1.4 percent, to $120.65 a barrel and US West Texas Intermediate (WTI) crude ended $1.56, or 1.4 percent higher, at $113.90.
Earlier on Thursday, Petroleum Minister Hardeep Singh Puri defended the government over the hike in fuel prices saying it is due to the increase in prices in the international market. He, however, assured that efforts are being made to make fuel available to people at "affordable prices".
Replying to a question in Lok Sabha, the minister said the prices of LNG in the international market has gone up by "more than 37 percent" if compared from from April 2021 to February 2022, because of "an unsettled condition and military action in one part of the world following the Covid crisis".
"Whereas, our increase at the bunk has been only five per cent," he told the House during Question Hour. As far as the LPG price, which are based on Saudi CP (Contract Price), is concerned, it has gone up by 285 percent from April 2020 to March 2022, and the hike has been 37 percent the last six months alone, he said. "So, I just want to place these facts before the members and this August House, so that they understand what the international situation is today," he said.
With PTI inputs
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