- Petrol and diesel prices have been increased by 80 paise and 70 paise per litre, respectively, which is the seventh hike in eight days.
- Petrol prices have crossed the ₹100 per litre mark in many cities.
- The fuel prices have seen a significant rise across the country, but the rate varies from state to state depending on the local taxation.
The fuel prices have seen a significant rise across the entire country, but the rate varies from state to state depending on the local taxation.
These are the revised prices of petrol and diesel —
The petrol in
Meanwhile, in Mumbai, petrol and diesel prices both were hiked by 85 paise and 75 paise respectively. However, in Chennai, the petrol rates have gone up to ₹105.94 and diesel prices have increased to ₹96 per litre.
This is the seventh hike in the last eight days after a four and a half months pause ahead of assembly elections in Punjab, Uttar Pradesh, Uttarakhand, Goa, and Uttarakhand.
State-run oil refiners like Hindustan Petroleum, Indian Oil, Bharat Petroleum are revising the fuel prices on a daily basis keeping in mind the rising crude oil prices in the international market.
According to a report by The Economic Times, crude oil has become at least 40% costlier than November last year and so the oil companies are now recouping the losses.
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 said in a statement.
India’s 85% of oil demand is dependent on imports, according to wire agency PTI.
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