Petrol, Diesel Prices Hiked by Rs 3.20 in Five Days. Check Latest Fuel Rates In Your City

Petrol in Delhi will now cost Rs 98.61 per litre as against Rs 97.81 previously while diesel rates have gone up from Rs 89.07 per litre to Rs 89.87. In Mumbai, the petrol & diesel prices per litre at Rs 113.35 & Rs 97.55 (increased by 84 paise & 85 paise respectively).

New Delhi: Petrol and diesel prices have been hiked again on Saturday (March 26, 2022) by 80 paise per litre, fourth increase in five days. With four increases beginning March 22, petrol and diesel prices have gone up by Rs 3.20 a litre. These increases are the steepest single-day rise since the daily price revision was started in June 2017.

Petrol in Delhi will now cost Rs 98.61 per litre as against Rs 97.81 previously while diesel rates have gone up from Rs 89.07 per litre to Rs 89.87, according to a price notification of state fuel retailers. In Mumbai, the petrol & diesel prices per litre at Rs 113.35 & Rs 97.55 (increased by 84 paise & 85 paise respectively). In Chennai the fuel went up by 76 paise to ₹104.43. In Kolkata, rates increased to ₹108.01 from ₹107.18 (83 paise hike).

Fuel Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel. The rate revision was expected soon after assembly elections ended on March 10 but it was put off.

Petrol Prices on March 26, 2022

• Delhi: ₹98.61/litre
• Mumbai: ₹113.35/litre
• Kolkata: ₹108.01/litre
• Gurugram: ₹99.08/litre
• Noida: ₹98.68/litre
• Chennai: ₹104.43/litre
• Chandigarh: ₹98.06/litre
• Bengaluru: ₹103.93/litre
• Hyderabad: ₹111.80/litre

Diesel Prices on March 26, 2022

• Delhi: ₹89.87/litre
• Mumbai: ₹97.55/litre
• Kolkata: ₹93.01/litre
• Gurugram: ₹90.30/litre
• Noida: ₹90.21/litre
• Chennai: ₹94.47/litre
• Chandigarh: ₹84.50/litre
• Bengaluru: ₹88.14/litre
• Hyderabad: ₹98.10/litre

Oil companies, who did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to USD 117 per barrel compared to around USD 82 in early November, are now passing on to consumers the required increase in stages.

Moody’s Investors Services on Thursday stated that state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) 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 Rs 13.1-24.9 per litre and Rs 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.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 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.

(With inputs from PTI)