New Delhi: Petrol and diesel prices will further increase on Sunday (March 27). In the fifth such hike in six days, petrol will be increased by 50 paise per litre while diesel rates will be hiked by 55 paise per litre.
With the latest revision, petrol will sell at Rs 99.11 per litre in Delhi. On the other hand, diesel will sell at Rs 90.42 per litre in the national capital. Petrol and diesel prices will increase to Rs 113.81 and Rs 98.05 per litre, respectively, in the financial capital of India, Mumbai.
Previously, oil marketing companies had increased the petrol and diesel prices on four different occasions – March 22, 23, 25 and 26. Each time, the fuel rates were increased by 80 paise.
Oil marketing company restarted the daily revision of fuel prices on March 22, after a pause of 137 days. The firms could further hike petrol and diesel price in the coming days to minimise the losses incurred due to increasing crude oil rates in the global markets amid the Russia-Ukraine war.
A recent report by Moody's noted that fuel retailers IOC, BPCL and HPCL together lost around Rs 19,000 crore in revenue between November 2021 and March 2022 by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices. Also Read: India at 8% growth can double economy in 7-8 years, says NITI VC
For the unversed, petrol and diesel prices in India had remained constant between November 4, 2021, and March 21, 2022, despite prices of crude oil averaging around $111 per barrel in the first three weeks of March compared to around $82 in early November 2021. Also Read: Zomato 10-minute food delivery: MP Home Minister raises road safety concerns, asks firm to change plan
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