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NEW DELHI: In the fourth hike since March 22, the base price of petrol was raised on Saturday by 70 paise a litre and diesel by 80 paise. Retailers increased the prices of both fuels by 80p per litre.
Fuel prices have risen by Rs 3.2 per litre in the five days since state-run retailers, which control 90% of the market, began raising pump prices after keeping them steady for 137 days.
The retailers had also raised domestic LPG prices by Rs 50 per cylinder on March 22, the first hike since October last year. Subsequently, CNG and PNG prices have also been hiked.
Petrol prices will again breach the Rs 100-per-litre mark in large parts of the country as prices are expected to be increased further. After the latest hike, petrol in Delhi stood at Rs 98.61 per litre and diesel at Rs 89.87.
The government has told Parliament that prices are rising because of a sharp uptick in oil prices due to the Russia-Ukraine conflict.
Prior to this spell, fuel prices were last raised on November 2 last year. The prices were frozen since November 4, the day they declined sharply after the Centre and states slashed taxes. The Centre reduced excise duty by Rs 5 per litre on petrol and Rs 10 on diesel. States reduced VAT by varying degrees.
India’s crude cost stood at about $84 per barrel on the day taxes were cut. As of March 24, it has risen to almost $118, having shot up to $129 as the global benchmark spiked to a 14-year-high of $139 on March 7. Yet the retailers did not revise pump prices under an informal government diktat. The freeze coincided with elections in five states, including the politically important UP.
On Thursday, Moody’s Investors Service said the long freeze on prices cost the three big state-run fuel retailers — IndianOil, Bharat Petroleum and Hindustan Petroleum — more than $2 billion, or about Rs 19,000 crore, in revenue.
Fuel prices have risen by Rs 3.2 per litre in the five days since state-run retailers, which control 90% of the market, began raising pump prices after keeping them steady for 137 days.
The retailers had also raised domestic LPG prices by Rs 50 per cylinder on March 22, the first hike since October last year. Subsequently, CNG and PNG prices have also been hiked.
Petrol prices will again breach the Rs 100-per-litre mark in large parts of the country as prices are expected to be increased further. After the latest hike, petrol in Delhi stood at Rs 98.61 per litre and diesel at Rs 89.87.
The government has told Parliament that prices are rising because of a sharp uptick in oil prices due to the Russia-Ukraine conflict.
Prior to this spell, fuel prices were last raised on November 2 last year. The prices were frozen since November 4, the day they declined sharply after the Centre and states slashed taxes. The Centre reduced excise duty by Rs 5 per litre on petrol and Rs 10 on diesel. States reduced VAT by varying degrees.
India’s crude cost stood at about $84 per barrel on the day taxes were cut. As of March 24, it has risen to almost $118, having shot up to $129 as the global benchmark spiked to a 14-year-high of $139 on March 7. Yet the retailers did not revise pump prices under an informal government diktat. The freeze coincided with elections in five states, including the politically important UP.
On Thursday, Moody’s Investors Service said the long freeze on prices cost the three big state-run fuel retailers — IndianOil, Bharat Petroleum and Hindustan Petroleum — more than $2 billion, or about Rs 19,000 crore, in revenue.
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