Fuel Prices Rise Again, Sixth Rise in Seven Days. See Rates

A liter of petrol in Delhi is currently priced at Rs 99.41 per liter, while the diesel rate will be sold at Rs 90.77.

Petrol, Diesel Prices Today: Fuel prices were raised again on Monday, March 28, 2022, across the metro city for the sixth time in the past seven days. Petrol rates were increased by 30 paise per liter and diesel by 35 paise per liter, according to state fuel retailer price notifications.

A liter of petrol in Delhi is now priced at Rs 99.41 per liter as compared to Rs 99.11 previously, while the diesel rate will be sold at Rs 90.77 from Rs 90.42 per liter previously.

In Mumbai, petrol will be sold at Rs 114.19 per liter, while diesel will be sold at Rs 98.50 per liter. Among metro cities, fuel rates are still the highest in Mumbai. Prices vary across states due to value added tax (VAT).

The rate remained stable for more than four months despite soaring crude oil prices. The rate review ended on March 22nd.

(Also Read: How To Check The Latest Petrol And Diesel Rates In Your City).

Here are the prices of petrol and diesel throughout the metro city:

Moody’s Investors Services last week noted that state retailers together lost around $ 2.25 billion (Rs 19,000 crore) in revenue due to maintaining petrol and diesel prices during the election period.

Fuel rates were on hold amid rally elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

Oil companies “need to raise diesel prices by Rs 13.1-24.9 per liter and Rs 10.6-22.3 per liter on petrol (petrol) at a base oil price of $ 100-120 per barrel,” according to the Equity Institution Box.

CRISIL Research said a Rs 9-12 per liter increase in retail price would be required to fully pass the average $ 100 per barrel of crude oil and a Rs 15-20 per liter increase if the average crude oil price rises to $ 110-120.

Government -operated oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel rates on a daily basis, taking into account the price of crude oil in the international market, and the rupee dollar exchange rate. 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, domestic petrol and diesel prices are linked to international rates.

Globally, oil prices fell more than $ 3 today following the prospect of declining fuel demand in China after authorities in Shanghai said they would close the country’s financial hub for Covid-19 testing within nine days. Brent crude futures fell as low as $ 116.18 and traded down $ 2.75, or 2.3 percent, at $ 117.90 a barrel. US West Texas Intermediate (WTI) crude futures hit a low of US $ 109.90 shortly after opening and fell US $ 2.60, or 2.3 percent, at US $ 111.30.


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