Petrol, Diesel Prices Today: Fuel prices were hiked again on Tuesday for the thirteenth time in 15 days. In Delhi, petrol and diesel rates were hiked by 80 paise a litre each, according to a price notification of state fuel retailers.
A litre of petrol in the national capital will now cost ₹ 104.61 as against ₹ 103.81 previously, while diesel will be sold at ₹ 95.87 from ₹ 95.07 per litre earlier.
In Mumbai, petrol will be retailed at ₹ 119.67 per litre, while diesel will be sold at ₹ 103.92 per litre. Among the metro cities, fuel rates are the highest in Mumbai. The prices vary across the states due to value-added tax (VAT).
Fuel rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22. In total, petrol and diesel prices have gone up by ₹ 9.20 per litre, respectively, after 13 rate revisions.
The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
Kotak Institutional Equities said that oil companies "will need to raise diesel prices by ₹ 13.1-24.9 per litre and ₹ 10.6-22.3 a litre on petrol at an underlying crude price of $100-120 per barrel.
CRISIL Research said a ₹ 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and ₹ 15-20 a litre hike if the average crude oil price rises to $110-120.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.
Globally, oil futures rose today as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions. Brent crude futures were up $1.58, or 1.5 per cent, to $109.11 a barrel, while U.S. West Texas Intermediate futures were up $1.61, or 1.6 per cent, to $104.89 a barrel.