Petrol and diesel prices rose 80 baisa per liter again, the fourth increase in 5 days

Petrol and diesel in Delhi became more expensive by 80 pounds per liter again on Saturday. Now, petrol is being sold in the national capital at Rs 98.61 per liter while diesel is being traded at Rs 89.87 per liter. This is the fourth increase in five days as the total rise is now Rs 3.2/L.

In Mumbai, gasoline rose by 84 pounds on Saturday, selling at 113.35 rupees per liter. Diesel price increased by 85 baisas to Rs 97.55 per liter.

The recent increase in fuel prices comes at a time when oil prices are rising due to the ongoing Russian-Ukrainian conflict. The rise also comes after a record 137-day hiatus as fuel prices were kept steady in the country due to assembly elections in five states.

Oil companies are now working to offset their revenue losses to keep gasoline and diesel prices on hold during the elections. Fuel retailers IOC, BPCL and HPCL together lost about $2.25 billion (Rs.19,000 crore) during the period, according to Moody’s Investors Service.

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 reported.

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