Petrol, Diesel Prices Hiked Again Across Metros For 11th Time In 13 Days

Petrol, Diesel Prices Today: Fuel prices were hiked again on Sunday, April 3, 2022 by 80 paise each across the four metros. This is the 11th increase in prices since they were first hiked on March 22, ending a four-and-half-month long freeze since November 4, 2021.

With the latest hike, petrol prices have gone up by Rs 8 per litre across metros. In the national capital, petrol now costs Rs 103.41 per litre as against Rs 102.61 earlier. Diesel rates have gone up from Rs 93.87 per litre to Rs 94.67, according to a notification issued by state fuel retailers.

Fuel prices are still the highest in Mumbai among the four metro cities. Petrol costs Rs 118.41 per litre while diesel costs Rs 102.64 a litre in the country's commercial capital.

Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.

Fuel prices were kept unchanged on Friday, April 1, 2022 after rising for eight consecutive days. 

Here are the petrol and diesel price across the metro cities:

Prior to the hikes which began from March 22, fuel prices had been on a freeze since November 4, 2021 for a record 137 days. During this period, assembly elections were held in politically crucial states of Uttar Pradesh, Punjab, Uttarakhand, Goa and also Manipur.

Also during this period, crude oil prices rose by $30 per barrel, yet the prices remained unchanged in the country.

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. 

Meanwhile on April 2, Brent crude futures were at $104.35 a barrel, slightly lower than the levels of April 1. This was mainly on account of members of the International Energy Agency (IEA) agreeing to join in the largest-ever United States oil reserves release.

US President Joe Biden had on March 31, announced a release of one million barrels per day (bpd) of crude oil for six months from May 2022.