After a pause of 1 day, the oil marketing companies have again raised the fuel prices by 80 paise on Friday. These prices were revised first on Tuesday after staying stagnant for almost 4 months. The rise in fuel prices is a result of increasing selling price, central excise and high crude oil prices due to the Russia Ukraine crisis.
The increases are the steepest single-day rise since the daily price revision was started in June 2017. Since Tuesday, the prices have gone up to Rs 2.40. Now in New Delhi, petrol costs Rs 97.81 per litre (Rs 97.01) and diesel Rs 89.07 per litre after the price revision. In Mumbai, prices were hiked to Rs 112.51 per litre for petrol and diesel to Rs 96.07 per litre. In Chennai, prices went up by 76 paise to Rs 103.67. In Kolkata, rates hiked to ₹107.18 from ₹106.34.
Oil companies said, “will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel,” according to Kotak Institutional Equities.
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