Gasoline and diesel prices rise for third time in four days
Petrol and diesel prices increased by 80 paise on Friday and currently stand at Rs. 97.81 and rupees. 89.07 per liter respectively in New Delhi
Oil companies recently restarted the daily fuel price review on March 22 after suspending price revisions since November 2021. Petrol and diesel prices saw an upward revision for the third time in four days today (Friday) with fuel prices now at ₹97.81 and ₹89.07 per liter respectively. This marked a rise of 80 paise from prices from Thursday and a cumulative rise of ₹2.40 per liter since regular price reviews resumed. Petrol and diesel prices in Mumbai stood at ₹112.51 and ₹96.70 per liter respectively.
Focusing on other metropolitan cities, gasoline and diesel prices in Chennai stand at ₹103.67 and ₹93.71 per liter respectively for Friday, while the same for Kolkata stands at 107, ₹18 and ₹92.22 per litre. Petrol in Bangalore meanwhile stands at ₹103.11 per liter while diesel sells for ₹87.37 per litre.
|Town||Gasoline (price per litre)||Diesel (price per litre)|
India imports more than 80% of its crude oil needs, with crude oil prices in international markets and exchange rates directly affecting price revision in the hands of oil companies. Oil companies had previously frozen petrol and diesel prices since November 2021 for more than 130 days ahead of elections in states like Punjab and Uttar Pradesh. In the meantime, the price of crude soared to $30 a barrel as the price change was not passed on to the end consumer – Indian fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum lost single digits cumulative business of $2.25 billion during this period. according to Moody’s Investors Services.
Crude oil prices have been volatile since the start of the conflict between Ukraine and Russia in February, with prices currently hovering around the $120 per barrel mark after climbing as high as $139 per barrel earlier in the month .