Petrol, Diesel Prices Hiked: Petrol and diesel prices were hiked again by 80 paise a litre each today, taking the total increase in rates to Rs 10 per litre in 16 days. Petrol in Delhi will now cost Rs 105.41 per litre as against Rs 104.61 previously, while diesel rates have gone up from Rs 95.87 per litre to Rs 96.67, according to a price notification of state fuel retailers. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 (increased by 84 paise) and Rs 104.77 (increased by 85 paise) respectively.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. This is the 14th increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. However, it is expected to rise further as oil marketing companies (OMCs) revise prices in line with rising crude oil prices.
Experts have noted that the retail price of petrol and diesel need to be hiked by Rs 0.52-0.60 for every $1 per barrel rise in the price of crude oil for OMCs to maintain normal marketing margins on the sale of auto fuels. The price of Brent crude has risen by about $28.4 per barrel since November 4 to $108.9 per barrel, indicating that fuel prices could see further hikes of Rs 5.5-7.8 per litre each on petrol and diesel at the current price of Brent Crude.
The Centre may, however, choose to reduce the impact of higher crude oil prices on consumers by cutting excise duty on both petrol and diesel. Despite a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel in November 2021, central taxes are higher by Rs 8 per litre on petrol and by Rs 6 per litre on diesel compared to pre-pandemic levels. Central and state taxes currently account for about 43 per cent of the retail price of petrol and about 37 per cent of the pump price of diesel in the Delhi.
Ordinarily, the prices of petrol and diesel are revised daily, in line with a 15-day rolling average of benchmark international prices of petroleum products.
Meanwhile, amid the price rise, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday defended the central government over the issue of fuel price hike comparing it with that of other countries. Fuel prices hiked in India are 1/10th of prices hiked in other countries.
Further, the Russia-Ukraine conflict and attacks on oil and gas infrastructure in Saudi Arabia have led to further concerns about potential disruptions in crude oil supplies which have pushed up crude oil prices.
Petrol, Diesel Prices on Tuesday, April 5 in Delhi, Mumbai and Other Cities in India
Delhi
Petrol – Rs 105.41 per litre
Diesel – Rs 96.67 per litre
Mumbai
Petrol – Rs 120.47 per litre
Diesel – Rs 104.72 per litre
Kolkata
Petrol – Rs 115.08 per litre
Diesel – Rs 99.82 per litre
Chennai
Petrol – Rs 110.89 per litre
Diesel – Rs 100.98 per litre
Bhopal
Petrol – Rs 109.78 per litre
Diesel – Rs 93.32 per litre
Hyderabad
Petrol – Rs 118.07 per litre
Diesel – Rs 101.14 per litre
Bengaluru
Petrol – Rs 111.25 per litre
Diesel – Rs 94.81 per litre
Guwahati
Petrol – Rs 105.57 per litre
Diesel – Rs 91.36 per litre
Lucknow
Petrol – Rs 105.25 per litre
Diesel – Rs 96.83 per litre
Gandhinagar
Petrol – Rs 105.29 per litre
Diesel – Rs 99.61 per litre
Thiruvananthapuram
Petrol: Rs 117.52
Diesel – Rs 103.91 per
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