Petrol, diesel prices hiked again by 80p/litre, 4th increase in 5 days

NEW DELHI: Petrol and diesel prices were hiked again by 80 paise per litre on Saturday- the fourth such increase in five days.
Prices have now gone up by Rs 3.20 per litre since the beginning of the week.
In Delhi, petrol will now cost Rs 98.61 per litre and diesel Rs 89.87, according to a price notification of state fuel retailers.
Prices had been on a freeze since November 4 ahead of the assembly elections in five states.
Fuel prices in international markets have further spiked since Russia’s invasion of Ukraine, putting pressure on domestic retailers.
Oil companies, which did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $117 per barrel compared to around $82 in early November, are now passing on to consumers the required increase in stages.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.
(With input from PTI)


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