Petrol and Diesel Prices Increased for The Sixth Time in Seven Days
By keeping fuel prices the same in March, Indian fuel retailers lost around Rs 19,000 crore.
Fuel prices have risen for the sixth time in seven days, with recent revisions resulting in a Rs 30 per litre increase in petrol and a Rs 35 per litre increase in diesel. Since last week, this has resulted in an overall increase of Rs 4.
- Petrol, diesel at Rs 114.19 and Rs 98.50 per litre in Mumbai, respectively
- Ukraine crisis affecting rates in India adversely
- CNG costs Rs 66 per kg in Mumbai, Rs 60 per kg in Delhi
Since November 2021, there has been a pause in fuel rate revisions; however, with Russia’s invasion of Ukraine, prices have begun to rise again. Because India imports nearly 85% of its energy, a slight fluctuation in international prices would have an impact here as well.
Petrol and diesel prices were raised by Rs 50 paise per litre and Rs 55 paise per litre, respectively, on Sunday. Following Monday’s increase, petrol now costs Rs 99.41 per litre in Delhi, while diesel costs Rs 90.77 per litre.
Petrol has risen to Rs 114.19 per litre in Mumbai, while diesel has risen to Rs 98.50 per litre.
According to a Moody’s report, despite a sharp rise in crude oil prices internationally, fuel retailers IOC, BPCL, and HPCL collectively lost around $2.25 billion (roughly Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged.
Read Also: Even if oil averages $100, inflation will be below 6%: Crisil
CNG is Also on The Rise
Last week, CNG prices were increased by Rs 50 per cylinder, and the Delhi government increased the price of Piped Natural Gas (PNG) by Rs 1 per unit, bringing it to Rs 36.61 per unit. CNG costs Rs 66 per kilogramme in Mumbai and Rs 60.01 per kilogramme in Delhi.
