Petrol and diesel prices vary from state to state depending on local taxes. In Delhi, it would cost you Rs 99.11 to buy a litre of petrol and Rs 90.42 to purchase a litre of diesel, according to a price notification of state fuel retailers.
Still, the price increase on Sunday was lesser than the other four instances when prices of petrol and diesel were raised. On all four occasions, prices were raised by 80 paise a litre — the steepest single-day increases since the daily price revision was introduced.
Prices had been on a freeze since November 4 ahead of the assembly elections in states such as Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about $30 per barrel. The rate revision was expected soon after the counting of votes on March 10.
Crude oil has also fluctuated between $97 and $139 a barrel since the Russia-Ukraine war began. The increase in retail price warranted from crude oil prices rising during the 137-day hiatus from around $82 per barrel to $120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.
India is 85 percent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
With inputs from PTI