New Delhi: The prices of petrol and diesel are expected to witness a massive hike after the Uttar Pradesh Assembly polls.
As per a report by ICICI Securities, the prices need to be increased by Rs. 12 per liter by March 16 for retailers to just break even. It has been further mentioned that a hike of Rs. 15.1 is required if the margin for the oil firms is taken into consideration.
Such a massive hike is needed due to the rise in crude oil prices after Russia’s invasion of Ukraine. The per-barrel price of Brent crude has recently touched a 52-week high of $119.84.
On Friday, the price closed at $118.05 per barrel which is very expensive when compared to the price before the Russia-Ukraine crisis.
Per-barrel price of Indian basket of crude oil
As per the Petroleum Planning and Analysis Cell (PPAC), the per-barrel price of the Indian basket of crude oil on March 3 was $117.39. It was $81.5 in November 2021 when the prices were revised last time.
Despite the rise in the per-barrel price, the retail price was not revised by Indian oil firms. It is expected that petrol and diesel prices in Hyderabad and other metros may witness a huge spike after the last phase of the Uttar Pradesh election which is scheduled to be held on March 7.
Petrol, diesel prices in Hyderabad, other metros
Currently, the prices of petrol and diesel in Hyderabad are Rs. 108.2 and Rs. 94.62 per litre respectively. The prices have not witnessed any rise after the Central government’s decision to cut the excise duty.
| Cities | Petrol price per litre | Diesel price per litre |
| Hyderabad | Rs. 108.20 | Rs. 94.62 |
| Delhi | Rs. 95.41 | Rs. 86.67 |
| Mumbai | Rs. 109.98 | Rs. 94.14 |
| Kolkata | Rs. 104.67 | Rs. 89.79 |
| Chennai | Rs. 101.40 | Rs. 91.43 |
The rise in oil prices in the global market will soon result in an increase in petrol and diesel prices in Hyderabad and other cities in India.
