The price of petrol and diesel in Delhi increased by 80 baisas per liter every Friday. Gasoline is being sold at Rs 97.81 per liter in the national capital while diesel is being traded at Rs 89.07 per liter. This is the third increase in four days as the total rise is now Rs 2.4/L.
In Mumbai, the rate of gasoline rose by 84 baisas, selling at 112.51 rupees per liter. Diesel price increased by 85 Baizas to Rs 96.70 per liter.
This comes after fuel prices were raised by 80 pounds each across the country on Wednesday.
Chennai increased petrol and diesel prices by 76 baisas per liter on Friday. Gasoline is trading at Rs 103.67 per liter in Chennai, and diesel at Rs 93.71 per liter.
In Kolkata, petrol is priced at Rs 106.34 per liter after an increase of EGP 84. Meanwhile, diesel is trading at 91.42 rupees per liter, after an increase of 80 baisas.
The increase in fuel prices, the largest in a single day since the daily price review began in June 2017, comes after a record 137-day hiatus after the nation saw House elections in five states.
Oil companies are now making up for losses as Moody’s Investors Services said fuel retailers IOC, BPCL and HPCL together lost about $2.25 billion (Rs.19,000 crore) in revenue due to keeping gasoline and diesel prices on hold during elections in five states, according to reports. PTI news agency.
CRISIL Research said a retail price increase of Rs 9-12 per liter would be required to pass the full average of $100 per barrel of crude oil and Rs 15-20 per liter if the average crude oil price rose to $110-120. PTI reports.
Russia’s ongoing war in Ukraine has pushed crude oil prices to new heights. The cost of raw materials (crude oil) increased by $30 per barrel during this period.
The central government raised the bulk diesel rate by Rs 25 per liter last week. This brought the price up for wholesale users in Mumbai to Rs 122.05 per liter, compared to Rs 96.70 per liter for individual buyers.