Petrol, Diesel Prices Hiked By 80 Paise In 10th Increase, Total Surge Now Stands At Rs 7.20

On previous occasions, prices had been increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017.

Representative Photo: Getty Images

New Delhi: Petrol and diesel prices were hiked on Saturday by 80 paise a litre each, taking the total increase in rates in the last 12 days to Rs 7.20 per litre.

This is the 10th increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.

According to a price notification of state fuel retailers, petrol in Delhi will now cost Rs 102.61 per litre as against Rs 101.81 previously, while diesel rates have gone up from Rs 93.07 per litre to Rs 93.87, news agency PTI reported.

Following are the prices in Mumbai, Kolkata and Chennai, as shared by news agency ANI.

Prices in metro cities: 

• Price of petrol and diesel in Delhi is at Rs 102.61 per litre and Rs 93.87 per litre respectively today (increased by 80 paise).
• In Mumbai, the petrol and diesel prices per litre are at Rs 117.57 and Rs 101.79 (increased by 85 paise)
• In Kolkata, the price of petrol is Rs 112.19 (increased by 84 paise) and diesel is Rs 97.02 (increased by 80 paise).
• In Chennai, the petrol and diesel prices per litre at Rs 108.21 and Rs 108.21 (increased by 76 paise).

Notably, this is the tenth increase in fuel prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.

In all, petrol prices have gone up by Rs 7.20 per litre.

On previous occasions, prices had been increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017.

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.

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.

The increase in retail price warranted by 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 had 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 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 as per the global movement.

(With Agency Inputs)