Fuel Price Hike: Petrol, Diesel Costs Set To Soar Again Today | Check Latest Rates Here

Congress and other opposition parties have criticised the government for the price rise saying it has added to the burden on the common man reeling under the general commodity price rise.

New Delhi: The petrol and diesel prices are all set to rise again today by 30 paise and 35 paise respectively. This will be the sixth hike in the prices in the last seven days. With the latest revision in the prices, the petrol and diesel prices will get costlier by Rs 4.00-4.05 per litre within a week.

In Delhi, petrol will now cost ₹99.41 a litre while diesel rates will go up from Rs 89.87 per litre to ₹90.77. Petrol and diesel rates vary from state to state depending upon the incidence of local taxation.

Petrol in Mumbai will now cost ₹114.18 per litre and diesel Rs 98.48 per litre, an increase of 30 paise and 35 paise respectively. In Kolkata, the price of petrol per litre is ₹108.83 and diesel is ₹93.92.

The cost revision has taken the petrol price in Chennai to ₹105.20 per litre and diesel to Rs 95.35 a litre.

Congress and other opposition parties have criticised the government for the price rise saying it has added to the burden on common man reeling under general commodity price rise.

The increase in retail price warranted from crude oil prices rising during the 137 day hiatus from around USD 82 per barrel to USD 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 USD 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 ₹ 13.1-24.9 per litre and ₹ 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel,” according to Kotak Institutional Equities.