Fresh hike in petrol, diesel prices: Check rates

Petrol and diesel prices were raised again on Thursday by 80 paise per litre each in the national capital.

This is the ninth hike in fuel prices in the past 10 days and it takes the total increase in rates so far to ₹6.40 per litre.

The price of petrol and diesel in Delhi rose to ₹101.81 and ₹93.07 per litre respectively.

Among metros, fuel prices remained the highest in financial capital Mumbai where a litre of petrol now costs ₹116.72 and diesel is retailing at ₹100.93 (a jump of 84 paise compared to the previous day).

In Bengaluru, the country's IT hub, a litre of petrol costs ₹107.28 while diesel was being sold for ₹91.25.

In Chennai, the price of petrol and diesel went up by 76 paise each to ₹107.45 and ₹97.52 respectively.

In Kolkata, the price of petrol is now ₹111.35 (increased by 83 paise) and diesel is ₹96.22 (increased by 80 paise).

In Hyderabad, a litre of petrol costs ₹115.4 per litre while diesel is being sold for ₹101.56 per litre.

Fuel rates vary from state to state based on the incidence of local taxation. State-run oil marketing companies kept fuel prices on hold amid assembly elections in states like Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

The price hike comes at a time when Brent crude – the international benchmark – is hovering above $100 a barrel amid supply concerns due to the Russia-Ukraine war.

Earlier this month, Brent crude touched $140 a barrel, stoking inflation and high input cost fears in the Indian economy. India imports around 85% of its annual oil requirement.

With lockdown in several parts of China due to Covid-19 and reports that the US is considering the release of oil from its strategic petroleum reserve, crude oil prices have since then cooled down slightly.

On Tuesday, finance minister Nirmala Sitharaman said that the Russia-Ukraine crisis has led to a disruption of the global value chains likening the impact of the war to the pandemic. Responding to the debate on the Finance Bill in the Rajya Sabha, Sitharaman also pointed out that the Ukraine crisis and the unprecedented rise in the fuel prices are new challenges to the Indian economy.