Fuel prices were hiked again on Wednesday for the eighth time in the last nine days.
Since the revision in fuel prices began on March 22, petrol and diesel rates have increased by Rs 5.60 per litre, reported PTI. Fuel prices vary in states due to different value added tax and freight charges.
Petrol and diesel prices were increased by 80 paise per litre in Delhi, reported ANI. A litre of petrol will cost Rs 101.01, while diesel will be sold at Rs 92.27 in the national Capital.
In Mumbai, petrol rate was hiked by 84 paise, taking the price to Rs 115.88 per litre. Diesel rate climbed to Rs 100.10 per litre after the price was increased by 85 paise.
Petrol in Chennai was priced at Rs 106.69 a litre after an increase of 75 paise, while diesel costs Rs 96.76 per litre with a hike of 76 paise.
In Kolkata, the price of petrol climbed by 84 paise to Rs 110.52 pe litre and diesel rate rose by 80 paise to Rs 95.42.
While fuel prices in India are regulated by oil marketing companies, it has often been observed that the rates remain unchanged during elections and are hiked after the result day.
For 18 days in March and April last year, the prices of petrol and diesel remained unchanged as four states and a Union Territory went to polls. However, after the results were announced on May 2, the prices rose steadily to hit record levels.
Ahead of the recent Assembly polls in five states, fuel rates had been on a freeze since November 4. This was also the period in which the cost of crude oil had surged by nearly $30 per barrel. Oil firms had not revised fuel prices for 137 days despite the substantial increase in global oil prices.
On March 24, Moody’s Investors Services said that the three state-owned fuel retailers – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – incurred losses of around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during Assembly polls.
On March 8, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had said that there was a “war-like situation” and that oil marketing companies would take that into account.
He had denied that oil price hikes had been stalled due to Assembly elections in the states of Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa.
Union ministers Nirmala Sitharaman and Nitin Gadkari too had attributed the hike in fuel prices to the Russia-Ukraine conflict.