Gasoline and diesel prices have increased further; Check new fares in Delhi, Mumbai, other cities

Gasoline and diesel prices rose for the fourth time in five days on Saturday as oil companies passed on higher raw material costs to consumers after keeping rates unchanged for more than four months.

Petrol now costs Rs 98.61 per liter in Delhi and diesel is selling for Rs 89.07 per litre. In Mumbai, gasoline rose to Rs 113.35 per liter and diesel to Rs Rs 97.55.

The 80 paise hike in fuel prices now brings the total rise over the last five days to Rs 3.2 per litre. These increases of 80 paise each time this week are the largest single-day rise since the start of the daily price review in June 2017.

Oil companies have not reviewed since Nov. 4 ahead of parliamentary elections in states like Uttar Pradesh and Punjab. During this period, the cost of the raw material (crude oil) increased by approximately $30 per barrel.

According to Moody’s Investors Services, state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together lost around $2.25 billion (Rs 19,000 crore) of revenue as they have kept gasoline and diesel prices on hold since November.

The price increases come in a volatile global commodity market due to the Russia-Ukraine crisis. Crude prices rose more than 1% to more than $120 a barrel on Friday as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil. oil reserves by the United States.

Brent crude settled at $1.62, or 1.4%, at $120.65 a barrel and US West Texas Intermediate (WTI) crude ended at $1.56, or 1.4% higher. more, at $113.90.

Earlier on Thursday, Oil Minister Hardeep Singh Puri defended the government over rising fuel prices, saying it was due to rising prices in the international market. However, he assured that efforts are being made to make fuel available to the population at “affordable prices”.

Responding to a question at Lok Sabha, the Minister said that LNG prices in the international market had increased by “more than 37%” when compared from April 2021 to February 2022, due to “an unstable situation and military action in part of the world following the Covid crisis”.

‘While our berth raise was only five per cent,’ he told the House during Question Time. Regarding the price of LPG, which is based on the Saudi CP (contract price), it increased by 285% from April 2020 to March 2022, and the increase was 37% in the last six months only, he said. . “So I just want to present these facts to the members and to this August House, so that they understand what the international situation is today,” he said.

With PTI inputs


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