New Delhi: Petrol and diesel will see another price revision on Saturday, March 25. In the fourth such hike in a span of 5 days, petrol and diesel rates will increase by 80 paise per litre. The new rates will come into effect on March 25, 2022.
Earlier this week, the government had increased petrol and diesel prices by 80 paise on Monday and then by another 80 paise on Tuesday. Fuel prices were again increased by 80 paise on Friday after two days hiatus on Wednesday and Thursday.
Taking the upcoming price hike into account, petrol and diesel prices have been increased by Rs 3.20 per litre this week. Oil marketing company restarted the daily revision of fuel prices on Monday, March 21, after a pause of 137 days.
With the latest price revision, petrol in Delhi will sell at Rs 98.61 per litre. On the other hand, diesel will retail at Rs 89,87 per litre in the national capital. In Mumbai, petrol and diesel, on Saturday, will retail at 113.31 and Rs 97.50 per litre, respectively.
Oil marketing companies could further increase petrol and diesel price in the coming to make up for the losses incurred due to increasing crude oil rates in the global markets amid the Russia-Ukraine war.
According to a report by Moody’s, fuel retailers IOC, BPCL and HPCL together lost around Rs 19,000 crore in revenue between November and March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices. Also Read: LIC Policy: Get Rs 12,000 pension by paying a single premium; check details
Petrol and diesel prices in India had remained unchanged between November 4, 2021, and March 21 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: Centre did not raise taxes to fund economic recovery, says FM Sitharaman