The prices of petrol and diesel have increased again on Friday, the third in four days. Fuel rates were hiked by Rs. 2.40 per litre in a span of four days. After the fresh hike, petrol in Delhi costs Rs. 97.81 per litre, while diesel costs Rs. 89.07, according to a price notification of state fuel retailers.
In Mumbai, petrol will be retailed at ₹ 112.51 per litre, while diesel will be retailed at ₹ 96.70 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. The prices vary across the states due to VAT.
The rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. 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, the domestic petrol and diesel prices are linked to international rates.
According to CRISIL Research, a hike of ₹ 15-20 per litre is required to fully pass the increase in international oil prices.
Globally, oil continued to slide a little, as the United States and allies considered releasing more oil from storage to cool markets. Brent crude falling 0.22 per cent to $118.77 per barrel and U.S. crude down 0.5 per cent to $111.74 a barrel.