Petrol, Diesel Prices Increased Again, Sixth Hike In Seven Days. See Rates

Petrol, Diesel Prices Today: Fuel prices were hiked again on Monday, March 28, 2022, across metro cities for the sixth time in the last seven days. Petrol rates were hiked by 30 paise a litre and diesel by 35 paise a litre, according to a price notification of state fuel retailers.

A litre of petrol in Delhi will now cost Rs 99.41 as against Rs 99.11 previously, while diesel will be sold at Rs 90.77 from Rs 90.42 per litre earlier.

In Mumbai, petrol will be retailed at Rs 114.19 per litre, while diesel will be sold at Rs 98.50 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. The prices vary across the states due to value-added tax (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.

(Also Read: How To Check Latest Petrol And Diesel Rates In Your City).

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

Moody's Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Fuel rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel," according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.

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. 

Globally, oil prices fell more than $3 today on prospects of a drop in fuel demand in China after authorities in Shanghai said they would shut the country's financial hub for a Covid-19 testing blitz over nine days. Brent crude futures dropped as low as $116.18 and were trading down $2.75, or 2.3 per cent, at $117.90 a barrel. U.S. West Texas Intermediate (WTI) crude futures hit a low of $109.90 shortly after opening and were down $2.60, or 2.3 per cent, at $111.30.