Petrol, diesel prices today: Respite after two consecutive hikes

Petrol and diesel rates have absent up by ₹1.60 for each litre in the very last two days after oil companies began revising fuel rates due to the fact Tuesday despite global oil selling prices continue being flat.

Petrol and diesel prices right now have remained static soon after two times of consecutive hikes. The oil companies have provided a respite right after the cost of each fuel went up by ₹1.60 per litre considering the fact that Tuesday, when they resumed revision in prices of petrol and diesel. The hikes have appear right after a hiatus of approximately 5 months due to the fact tax ended up decreased on these gas forward of the state assembly elections.

On Wednesday, petrol and diesel rates have been hiked by 80 paise per litre just about every. The two consecutive hikes have taken the gasoline price tag to new highs across India. Petrol price in Delhi has now attained ₹97.01 for each litre, although diesel price has long gone up to ₹88.27. In Mumbai, petrol selling price has now gone up to ₹111.67 for each litre though diesel now fees ₹95.85. Petrol rate in Kolkata now stand at ₹106.34 for each litre and ₹91.42 for every litre for diesel although selling prices in Chennai has enhanced to ₹102.91 for each litre for petrol and ₹92.95 a litre for diesel.

In accordance to oil company executives, the most up-to-date cost hike is “too late and too little” as profits losses on petrol and diesel in advance of the existing hike were about ₹12 for every litre and ₹24 a litre, respectively. “Revenue decline doesn’t imply genuine loss. Community sector organizations have not been established up with revenue motive. They also serve the individuals and holding gasoline price ranges under check is part of government’s vitality safety method,” just one of the officers was quoted as indicating.

(Also browse: Will petrol, diesel costs strike new highs in India? Listed here are inform-tale symptoms)

The a few point out-run oil corporations, which involves Indian Oil Company (IOC), Bharat Petroleum Company Ltd (BPCL) and Hindustan Petroleum Company Ltd (HPCL), control nearly 90 per cent of the Indian fuel market.

The ongoing conflict among Russia and Ukraine saw price of uncooked materials (crude oil) soared by USD 30 for every barrel all through this time period. Rate of crude oil also reached new heights.

Final 7 days, the federal government lifted the bulk diesel costs by ₹25 a litre which has noticeably impacted private fuel pumps. Rate of diesel offered to bulk end users greater to ₹122.05 per litre in Mumbai as when compared to ₹95 to be compensated by personal consumers.

Initial Revealed Day: 24 Mar 2022, 07:36 AM IST