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Petrol, Diesel Prices Hiked Again Across India

Petrol, Diesel Prices Hiked Again Across India

Fuel prices were last hiked 19 days ago, and the substantial hike is likely to pinch commuters across the country.

The retail price of petrol and diesel increased by 17 paise and 21 paise, respectively, on Monday as well.

Petrol price in New Delhi today: The petrol price here stood at Rs 74.95 per litre higher by 22 paisa from previous day of Rs 75.10 per litre. Diesel prices in Delhi have accordingly moved upwards at Rs 66.57 per litre and Rs 70.88 per litre in Mumbai.

Petrol and diesel prices, that were increased on Monday after almost three weeks, saw national oil marketing companies effecting an upward revision on Tuesday too.

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So, when the fuel prices go down or when it remains flat like from April 24 to May 12, they do not have to shell out huge sums as working capital for buying fuel.

There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and U.S. sanctions against Iran, which is a major crude oil export country. At BPCL outlets, petrol was priced Rs. 79.35 and diesel Rs. 72.09.

Amanda Stretton, motoring editor at Confused.com, says: "Fuel prices are at their most expensive in nearly two years and drivers are feeling the pinch. The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia. In other major cities, petrol prices increased by about 0.2% and diesel prices rose by 0.3%. In the past, marketing margins have turned negative in the run-up to state elections in 2015 and 2017, though crude prices then had not risen much as compared to the current surge.


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