Petrol, diesel prices hiked again in metro cities for the second day in a row

• Petrol and diesel prices have increased by 80 paise per litre for the second consecutive day.
• The price hike is majorly seen in metro cities like Delhi and Mumbai as the oil prices in the international market are at an all-time high.
• The price hike has been on pause since November 4 ahead of assembly elections in Uttar Pradesh, Punjab, Goa, Manipur, and Uttarakhand.

Petrol and diesel prices, on Wednesday, hiked again for the second time this week by 80 paise per litre after a long pause of four and a half months since November last year.

The price hike is majorly seen in metro cities like Delhi and Mumbai as the oil prices in the international market are at an all-time high.

These are the revised petrol and diesel prices —
Source: Media reports

Now, petrol in Delhi will cost you ₹97.01 per litre, as compared to yesterday, Tuesday, ₹96.21, while the diesel price has gone up to ₹88.27 per litre from ₹86.67 per litre yesterday.

While in Mumbai, both petrol and diesel prices have seen a hike of 85 paise per litre. The petrol price has jumped from ₹110.82 per litre to ₹111.67, while diesel prices shot up from ₹95.00 to ₹95.85.

The price hike has been on pause since November 4 ahead of assembly elections in Uttar Pradesh, Punjab, Goa, Manipur, and Uttarakhand. The government of India took a series of duty cuts in order to keep the fuel rates unchanged.

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.

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

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 reportedly widened the loss for retailers like Nyara Energy, Jio-bp and Shell, reportedly.

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