Petrol and diesel prices hiked for the 12th time in two weeks

• Petrol and diesel prices hiked for the 12th time in two weeks by 40 paise per litre.
• The prices of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks.
• Price of both petrol and diesel are expected to rise further due to the sharp increase in crude oil prices.

Petrol and diesel prices, which have been spiralling upwards for the past two weeks, have gone up again for the 12th time today, April 4, by 40 paise per litre. The price of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks.

The fuel prices have seen a significant rise across the entire country, but the rate varies from state to state depending on the local tax rates.

These are the revised petrol and diesel prices in metro cities —

Source: Indian Oil

In Delhi, petrol is now ₹103.81 per litre and diesel is ₹95.07 per litre. While, in Mumbai, both petrol and diesel prices have shot up by 42 paise and 43 paise per litre, now will cost ₹118.83 and ₹103.07 per litre respectively.

Whereas in Chennai, the petrol and diesel prices are now ₹109.34 and ₹99.42 per litre respectively.

There had been a long hiatus of 137 days since November 4 last year, which was broken last week on March 22, as the crude oil prices are at an all-time high in the international market.

Prices of both petrol and diesel are set to rise further due to the sharp rising of crude oil prices, reportedly.

Indian Oil, Bharat Petroleum, and Hindustan Petroleum have lost over 2 billion or ₹19,000 crore for holding up the new pumped prices for a straight four and a half months or 137 days since November due to a steep rise in oil prices in the international market, according to Moody’s Investor services.

According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected," rating firm CRISIL had said in a statement.

India’s 85% of oil demand is dependent on imports, according to wire agency PTI.

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