Petrol and Diesel Prices Hiked Again For 2nd Straight Day- Check New Rates Here
Petrol and Diesel Prices Hiked Again For 2nd Straight Day- Check New Rates Here
New Delhi: Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision.
Petrol in Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a price notification of state fuel retailers.
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates.
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 raw material (crude oil) soared by USD 30 per barrel.
According to executives of the fuel retailers, more such hikes are likely as Brent crude prices have surged more than 40% since November.
Prashant Vasisht, vice-president and co-head of corporate ratings at ICRA Ltd said that with Brent crude trading near $115 per barrel, an increase of ₹18-19 per litre is required for auto fuel prices.
The resumption in fuel price revision has stoked fears of increase in inflation. India’s retail inflation hit an eight-month high of 6.07% in February, breaching the central bank’s tolerance level.
According to experts the hike in petrol, diesel and cooking gas would reflect in the April inflation numbers.