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Petrol prices increase by 30 paise & Diesel by 35 paise, 6th hike in the last 7 days; Reports
In the latest update about the fuel prices, the reports suggest that they have hiked again on Monday 28, 2022 across metro cities for the sixth time in the last seven days.
The fuel prices keep going up and down every now and then. But the recent constant hike in the fuel charges is alarming. In the latest update, the reports suggest that they have hiked the prices again on Monday 28, 2022 across metro cities for the sixth time in the last seven days. Petrol rates were hiked by 30 paise a litre and diesel by 35 paise a litre, according to a price notification of state fuel retailers.
According to reports in NDTV, a litre of petrol in Delhi now will cost Rs 99.41. It was earlier costing Rs. 99.11. Talking about diesel it will be sold at Rs. 90.77 from that earlier cost Rs. 90.42 per litre earlier. Looking at fuel charges in Mumbai, petrol will be retailed at Rs. 114.19 per litre, while diesel will be sold at Rs. 98.50 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. The prices vary across the states due to value-added tax (VAT). The rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22.
It is said that the fuel rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur. According to Kotak Institutional Equities, oil companies will need to raise diesel prices by Rs. 13.1-24.9 per litre and Rs. 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel. CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.
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