New Delhi: Petrol and diesel prices will increase for the sixth time in seven days on Monday, March 28, 2022. According to the latest notification by oil marketing companies, petrol price will increase by 30 paise per litre while diesel rate will hike by 35 paise per litre.
With the latest revision, petrol will sell at Rs 99.41 per litre in Delhi on Monday, March 28. On the other hand, diesel will retail at Rs 90.77 per litre. Meanwhile, in Mumbai, petrol will sell at Rs 114.08 per litre while diesel will retail at Rs 98.48 per litre tomorrow.
Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation Ltd (IOCL), among other oil retailers, will sell petrol and diesel at increased rates from tomorrow.
In seven days, oil marketing companies have increased petrol and diesel prices by about Rs 4.10 per litre. Earlier this week on Tuesday and Wednesday, petrol and diesel prices were increased by 80 paise each.
Further, on Friday, Saturday and Sunday, oil marketing companies increased petrol rates by 80 paise, 80 paise and 50 paise respectively. On the other hand, diesel rates were hiked by 80 paise, 80 paise and 55 paise on Friday, Saturday and Sunday this week.
Credit rating agency Moody's recently noted in one of its reports that fuel retailers IOC, BPCL and HPCL lost a total of Rs 19,000 crore in revenue between November 2021 and March 2022 – the time period between which the government had paused the daily revision of petrol and diesel rates. Also Read: Urgent need to move towards green steel, says steel minister Ram Chandra Prasad Singh
Keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices amid the Russia-Ukriane war is a major reason behind the huge losses faced by the oil retailers. Also Read: Bank Holidays April 2022: Banks to be closed for 15 days next month, check important dates
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