Petrol, diesel prices today: Fuel prices rose again on Monday for the twelfth time in two weeks. In Delhi, tariffs for petrol and diesel were each increased by 40 pence per liter, according to a price notification from fuel dealers in the state.
A liter of petrol in the national capital will now cost Rs 103.81 against Rs 103.41 previously, while diesel will be sold for Rs 95.07 from Rs 94.67 per liter previously.
In Mumbai, petrol will be sold for Rs 116.72 per liter, while diesel will be sold at Rs 100.94 per liter. Among the metro cities, fuel rates are the highest in Mumbai. Prices vary across states by value added tax (VAT).
Fuel rates remained stable for more than four months despite the spike in crude oil prices. The tariff change ended on March 22. In total, petrol and diesel prices rose by Rs 8.40 per liter, respectively, after nine tariff changes.
,Ek To read: How to check the latest petrol and diesel prices in your city).
Here are the petrol and diesel prices in the metro cities:
Moody’s Investors Services had indicated that state traders together lost about $ 2.25 billion (Rs 19,000 crore) in revenue for holding gasoline and diesel prices during the election period.
The tariffs were kept in check amid the by-elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
Kotak Institutional Equities said oil companies “will have to increase diesel prices by Rs 13.1-24.9 per liter and Rs 10.6-22.3 per liter on petrol against an underlying crude price of $ 100-120 per barrel.
CRISIL Research said that an increase of Rs 9-12 per liter in retail price is required for a full breakdown of an average $ 100 per barrel of crude oil and Rs 15-20 a liter increase if the average crude oil price rises to $ 110-120 .
State oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum change fuel tariffs on a daily basis, taking into account the crude oil prices in international markets, and the exchange rates of rupee dollars. All changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 percent dependent on imports to meet its oil needs and domestic petrol and diesel prices are linked to international tariffs.
Globally, oil prices today extended losses as investors saw the release of supplies from strategic reserves of consuming peoples, while a ceasefire in Yemen could reduce concerns about supply disruption in the Middle East. Brent crude futures fell 79 cents, or 0.8 percent, to $ 103.60 per barrel, while U.S. West Texas Intermediate crude was down at $ 98.45 per barrel, down 82 cents, or 0.8 percent.