Petrol & Diesel Rates Maintaining Upward Trend
Again on Monday Petrol and Diesel prices have shown an upward movement, and raises by 40 paise per liter each. With the new hike, a total of ₹8.40 has been added in 14 days to the fuel prices.
Prices In Major Cities
- In Delhi, petrol is selling at ₹103.81 and diesel has risen to ₹95.07.
- Mumbai citizens will pay ₹118.83 for petrol as the price is hiked by 42 paise and ₹103.07 for diesel after the hike of 43 paise for it.
- As for Chennai, the petrol and diesel prices are ₹109.34 and ₹99.42 per liter.
- Retailers are selling petrol at ₹113.45 and diesel at ₹98.22 after the hike of 42 paise and 40 paise respectively in Kolkata.
- In Bengaluru, one-liter petrol is costing ₹109.41 and one liter of diesel is sold for ₹93.23.
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Prices Were Stable For Four Months
Since November last year, the petrol and diesel prices were stable and there was no revision. But suddenly from March 22, we have seen multiple revisions in fuel prices. We can say that the Russian operation in Ukraine is responsible for the increased rates of crude oil.
So, it somewhat assures that we can witness a further increase in fuel rates as they are moving upwards in the International Market. This has and will more impact the prices of other items which rely on or are related to fuel consumption.
To maintain the balance between the inflated rates of fossil fuels, on November 3 last year the Central Government decided to cut excise duties. They have cut ₹5 in petrol and ₹10 in diesel prices. And following this action, many other states lowered the Value Added Tax (VAT) on Fuel rates.
Kotak Institutional Equities, “ Oil companies will need to raise diesel prices by ₹13.1-24.9 per liter and ₹10.6-22.3 a liter on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel.”
