Second Day Fuel Hike ??p..
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| Fuel hike posted by Newsflixall.com |
New Delhi Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-andhalf month election-related hiatus.
.Petrol in Delhi will now cost Rs97.01 per litre, as against Rs96.21, while diesel has gone up from Rs87.47 per litre to Rs88.27, according to a price notification of state fuel retailers.
In Mumbai, petrol price has increased by 85 paise to Rs111.67, while in Chennai prices went up by 75 paise to Rs102.91. In Kolkata, rates increased to Rs106.34 from Rs 105.51.
The diesel price, hike in Mumbai was 85 paise per litre. Rates differ from state to state depending on the incidence of local taxes.
A record 137-day hiatus in rate revision ended on March 22 with a 80 paise per litre increase in rates.
.Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of raw material (crude oil) soared by US $30 per barrel.
The rate revision was ex pected soon after assembly elections ended on March 10 but it was put ofr.
Oil companies are now re. couping the losses.
They "will need to raise diesel prices by Rs13.1124.9 per litre and Rs10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of US $100-120 per barrel. Ko tak Institutional Equities said in a note.
If crude sustains around
levels of US$120, oil marketing companies will find it
PRICE CHECK
In Mumbai, petrol price has increased by 85 paise to111.67 while diesel price has shot up to 295.85. Petrol in Delhi will now cost 897.01 per litre, as. against 296.21, while diesel has gone up from 87.47 per litre to 288.27 In Kolkata, rates increased to. 3106.34 from 105.51 while in Chennai prices went. up by 75 paise to 102.91.
difficult to be able to return to a normative marketing, margin without any support from the central government in the form of excise duty cuts, it said.
"Oil marketing companies holding back on retail price hikes following the conclusion of the elections was disappointing given the impact on margins; however, price hikes should provide some marginal respite if the trend sustains over the coming days," it added
.India is 85 per cent dependenton imports to meet its oil needs.
Dipti Deshpande, Principal Economist at CRISIL Ltd, said retail fuel prices of petrol and diesel have been kept unchanged since November 2021, whereas global crude oil prices rose by close to USD 30 per barrel during this period.
"The passing of rising crude oil prices to domestic
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