petrol and diesel prices; here’s what you need to pay in your city today, April 4, 2022

Prices for petrol and diesel on April 4, 2022: The price of petrol in Delhi stands at Rs 103.81 per liter, while diesel is available for Rs 95.07. In Mumbai, petrol is sold at Rs 118.83 while diesel costs Rs 103.07

Petrol, diesel prices today: fuel prices rise on April 4, petrol near Rs 104 per liter in Delhi

A gas station in Gangtok. Image courtesy of Wikimedia Commons

New Delhi: Gasoline and diesel prices were increased by 40 paise per liter each on Monday, bringing the total increase in tariffs over the last two weeks to Rs 8.40 per liter.

Delhi petrol will now cost Rs 103.81 per liter as opposed to Rs 103.41 previously, while diesel rates have gone up from Rs 94.67 per liter to Rs 95.07, according to a price notification from state fuel dealers.

Rates are increased across the country and vary from state to state, depending on the incidence of local taxes.

This is the 12th price increase since the end of a four-and-a-half-month hiatus in tariff version on March 22nd.

In total, petrol prices have gone up by Rs 8.40 per liter.

On the first four occasions, prices were increased by 80 paise per liter – the steepest increase in one day since the daily price revision was introduced in June 2017. In the following days, the petrol price went up by 50 paise and 30 paise per liter while diesel stood with 55 paise and 35 paise per liter. The price of petrol was increased by 80 paise per liter on Tuesday and diesel by 70 paise.

Prices have been frozen since November 4 for the General Assembly elections in states such as Uttar Pradesh and Punjab – a period in which the cost of raw materials (oil) rose by about $ 30 per barrel.

The rate change was expected shortly after the March 10 vote count, but it was postponed for a few weeks.

The increase in retail price guaranteed by the rise in crude oil prices in the 137-day hiatus from about $ 82 per barrel to $ 120 is enormous, but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) is notifying the required increase in stages.

Moody’s Investors Services last week reported that state traders together lost about $ 2.25 billion (Rs 19,000 crore) in revenue for holding petrol and diesel prices during the election period.

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 (petrol) at an underlying crude price of $ 100-120 per barrel,” according to Kotak Institutional Equities.

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 .

India is 85 percent dependent on imports to meet its oil needs and so retail prices are adjusting according to the global movement.

Jet fuel prices on Friday rose 2 percent – the seventh consecutive increase this year – to an all-time high, reflecting an increase in global energy prices.

Aviation turbine fuel (ATF) – the fuel that helps aircraft fly – was increased by Rs 2,258.54 per kiloliter, or 2 percent, to Rs 1,12,924.83 per kl in the national capital, according to a price notification from state-owned fuel dealers. .

However, the price of petrol and diesel has not changed on Friday. Prior to the second break in 11 days, car fuel rates had risen by Rs 6.40 per liter.

The increase in ATF price came on the back of the steepest ever hike 18.3 percent (Rs 17,135.63 per kl) effect on March 16th.

Jet fuel prices are revised on the 1st and 16th of each month based on the average international price of benchmark fuel in the previous fourteen days.

Jet fuel, which accounts for nearly 40 percent of an airline’s running costs, has risen to new heights this year.

ATF prices have increased every forty days since the beginning of 2022. In seven hikes beginning January 1, ATF prices have increased by Rs 38,902.92 kl or almost 50 percent.

With input from agencies

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