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Total increase at Rs5.60/ ltr
According to a price notification of state fuel retailers India registered an 8th hike in fuel prices in 9 days on today as the government continues to underline that the Ukraine War is one of the factor behind the spike.
Petrol, diesel prices hiked again by 80 paise per litre. Petrol in Delhi now cost Rs.101.01 per litre against Rs100.21 previously, while diesel prices went up from Rs91.47 per litre to Rs92.27.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. This is the ninth increase in prices since the ending of a four - and - half month long hiatus in rate revision on March 22.
On the first four occasion, prices were increased by 80 paise a litre - the steepest single day rise since the daily price revision was introduced in June 2017.
On the following days, petrol price went up 50 paise and 30 paise a litre while diesel rose by 55 paise and 35 paise a litre.
In Chennai, the price of petrol is Rs106.69 & diesel is Rs96.76. Meanwhile in Kolkata, the price of Petrol is Rs110.52 and diesel is Rs95. 42 per litre. In India's financial capital Mumbai, the petrol and diesel prices per litre at Rs115.88 & Rs100.10.
The Congress party had announced, on 26 March, that it will launch 'Mehngai Mukt Bharat Abhiyan', a three phase nation - wide protest against rising fuel prices between 31 March and 7 April.
Meanwhile, Finance Minister Nirmala Sitharaman had recently linked this surge to the ongoing war in Ukraine and the disruptions it has caused in the supply chain of fuel.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of crude oil soared by about $ 30 per barrel.
Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Limited are the major fuel retailers in India. The local diesel and petrol prices are directly linked to international prices, which directionally follow in increases in crude oil prices.
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.
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