Fuel prices hiked by 80 paise for 3rd time this week
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Petrol, Diesel Prices Today: Petrol and diesel prices were increased for the third time this week on Friday by oil marketing companies (OMC). Fuel rates have increased by as much as Rs 2.40 per litre after OMC hiked prices after a 4-month pause.
A litre of petrol in Delhi will now cost Rs 97.81, while diesel will be sold at Rs 89.07, according to a price notification of state fuel retailers.
In Mumbai, petrol will be retailed at Rs 112.51 per litre, while diesel will be retailed at Rs 96.70 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. The prices vary across the states due to VAT.
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.
The rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22.
According to CRISIL Research, a hike of Rs 15-20 per litre is required to fully pass the increase in international oil prices.
Globally, oil continued to slide a little, as the United States and allies considered releasing more oil from storage to cool markets. Brent crude falling 0.22 per cent to $118.77 per barrel and U.S. crude down 0.5 per cent to $111.74 a barrel.