Petrol, diesel prices hiked again by 80 paise; total increase of Rs 3.20 per litre in five days

The petrol and diesel prices in India hiked by 80 paise on Saturday, taking the overall rise to Rs 3.2 in the five days, according to news agency Asian News International (ANI) report.

Amid the latest revision, petrol will be sold at Rs 98.61 per litre and diesel by Rs 89.87 per litre in Delhi. Similarly, the former will cost about Rs 113.35 per litre and the latter by Rs 97.55 per litre in the financial capital – Mumbai.

The fuel prices have been hiked since March 22, 2022, owing to the global crise in crude oil price due to geopolitical tensions between Russia-Ukraine, which has pushed commodity prices to new high.

The oil marketing companies had last taken a price hike in petrol on November 2, 2021, by 35 litre per paise and in diesel on November 1, 2021 by 35 litre per paise, the report said.  

The central government, amid Diwali, had cut excise duty by Rs 5 per litre on petrol and by Rs 10 per litre on diesel to bring down the retail prices across the nation, the report mentioned.

The center had also urged state governments to do so, following which several states also reduced value-added tax (VAT) on fuel to aid relief to the common man in November last year.

Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited are the major fuel retailers in India. The local diesel and petrol prices are directly linked to international prices, which directionally follow increases in crude oil prices.

State-run oil refiners such revise the fuel rates daily, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.

India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.