Petrol and diesel prices hiked after more than four months, LPG price goes up by ₹50 in Delhi and Mumbai

• Petrol and diesel prices have been hiked by 80 paise per litre each in metro cities after a pause of 137 days.
• LPG cylinder price has also shot up by ₹50 in Delhi and Mumbai.
• The price hike was much anticipated after the announcement of the assembly election results on March 10.

After a freeze for more than four months, the prices of petrol and diesel have been increased by 80 paise per litre each in metro cities. The price hike has been on pause since November 4 ahead of assembly elections in Uttar Pradesh, Punjab, Goa, Manipur, and Uttarakhand.

This is the revised petrol and diesel prices in different metro cities —

Source: Media reports

In Delhi, petrol prices have gone up from ₹95.41 to ₹96.21, while diesel prices have been hiked from ₹86.67 to ₹87.47.

Similarly, in Mumbai, the price of petrol is now ₹110.82 per litre, while price of diesel is now ₹95.00 per litre.

The government of India took a series of duty cuts in order to keep the fuel rates unchanged as the crude oil price in the international market is at an all-time high. The price of crude oil has shot up by at least 25% since the last hike in November, according to media reports.

LPG prices have gone up too

The price of liquefied petroleum gas (LPG) has also been hiked by ₹50 in Delhi and Mumbai, which is the fist hike since October 6, 2021. The new price will come into effect from today, March 22.

The revised price of LPG cylinder in different states —

Source: Media reports

Cooking gas price or LPG cylinder in Kolkata will now cost you ₹976, while in Chennai it will ₹965.50.

Earlier this week, the government also raised the bulk diesel price by ₹25 per litre.

According to a report by The Economic Times, petrol pump sales have gone up by one fifth this month as bulk users like bus fleet operators filled up their tanks from petrol pumps rather than ordering directly from the oil companies. This practice has widened the loss for retailers like Nyara Energy, Jio-bp and Shell.

The price hike in petrol, diesel and LPG cylinders was expected after the election results were announced on March 10. The latest hike implies that the consumers will have to pay more for fuel, but the increase is still less than 1% of the per litre petrol price.

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