New Delhi: On Friday, petrol and diesel prices were raised by 80 paise per litre, the third increase in four days. According to a price notification issued by state fuel dealers, the price of petrol and diesel in Delhi today is Rs 97.81 per litre and Rs 89.07 per litre, respectively.
Petrol and diesel rates per litre in Mumbai are Rs 112.51 and Rs 96.70, respectively (increased by 84 paise & 85 paise respectively). In Chennai, the price of petrol is Rs 103.67 and diesel is Rs 93.71 (up 76 paise), while in Kolkata, the price of petrol is Rs 106.34 (up 84 paise) and diesel is 91.42 (up 84 paise) (increased by 80 paise).
A record 137-day rate revision pause ended on March 22 with an 80-paise-per-litre increase in rates, with similar proportion hikes following in the following days.
The rate revision was expected soon after assembly elections ended on March 10 but it was put off.
Oil companies are now recouping the losses.
Moody's Investors Services says fuel retailers IOC, BPCL and HPCL together lost around USD 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states.
Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel," according to Kotak Institutional Equities.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to USD 110-120.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
With inputs from agencies
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