Fuel price hike: Petrol, diesel prices increase after 137 days; check new rates
New Delhi, March 22: The prices for petrol and diesel have been hiked by 80 paise, starting Tuesday. The price hike comes after staying unchanged for over four months.
Indian Oil Corporation had informed dealers that the revised rates would take effect at 6:00 a.m. on March 22.
Petrol and diesel prices were stable across the country on Monday.
Despite a three-figure increase in global crude oil prices early this month due to the Russia-Ukraine war, crucial motor gasoline prices in India have remained unchanged for more than 137 days.
Meanwhile, following a 40% increase in global oil prices due to the ongoing Russia-Ukraine war, diesel prices for bulk users have been raised by about Rs 25 per litre.
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According to sources, petrol pump sales jumped by a fifth this month as bulk users such as bus fleet operators malls, lined up to buy fuel rather than purchasing directly from oil corporations, extending retailers' losses.
On Tuesday the price of petrol and diesel in Delhi is recorded at Rs 96.21 per litre and Rs 87.47 per litre respectively. While in Mumbai the rates of petrol and diesel are Rs 110.82 & Rs 95.00. In Kolkata, the price of petrol and diesel has jumped to Rs 105.51 & Rs 90.62, and Rs 102.16 & Rs 92.19 in Chennai.
The newest petrol, diesel rate increase now means that customers across India will have to dish out more for fuel, however, the increase will still be less than 1 percent of the amount being currently paid at pumps for a litre. This is India's first fuel increase in price since global oil prices skyrocketed last month as a result of the Russia-Ukraine war.
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-PTC News
