Petrol, diesel prices hiked by 80 paise; total increase now stands at Rs 9.20 per litre

Petrol, Diesel Prices Today: Petrol and diesel prices were hiked by 80 paise per litre on Tuesday, taking the total increase to Rs 9.20 in 15 days. This is the 13th rise in fuel prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.

 In Delhi, petrol and diesel rates were hiked by 80 paise a litre each, according to a price notification of state fuel retailers.

A litre of petrol in the national capital will now cost ₹ 104.61 as against ₹ 103.81 previously, while diesel will be sold at ₹ 95.87 from ₹ 95.07 per litre earlier.

In Mumbai, petrol will be retailed at ₹ 119.67 per litre, while diesel will be sold at ₹ 103.92 per litre. Among the metro cities, fuel rates are the highest in Mumbai. The prices vary across the states due to value-added tax (VAT).

In total, petrol and diesel prices have gone up by ₹ 9.20 per litre, respectively, after 13 rate revisions.

Moody's Investors Services had stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

Kotak Institutional Equities said that oil companies "will need to raise diesel prices by ₹ 13.1-24.9 per litre and ₹ 10.6-22.3 a litre on petrol at an underlying crude price of $100-120 per barrel.

CRISIL Research said a ₹ 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and ₹ 15-20 a litre hike if the average crude oil price rises to $110-120.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.

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.

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