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

SRINAGAR: 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 ₹ 8 per litre across metros. In the national capital, petrol now costs ₹ 103.41 per litre as against ₹ 102.61 earlier. Diesel rates have gone up from ₹ 93.87 per litre to ₹ 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 ₹ 118.41 per litre while diesel costs ₹ 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.

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.

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