Petrol, diesel prices hiked

OMCs revise the transportation fuel cost based on various factors

New Delhi: State-owned oil marketing companies (OMC) on Tuesday raised petrol and diesel prices after more than four months of stable rates.

In New Delhi, the price of petrol and diesel increased by 80 paise per litre.

As per pump prices, petrol now costs Rs 96.21 per litre and diesel Rs 87.47 per litre in the national capital.

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The prices had remained unchanged since November 2021 at Rs 86.67 per litre for diesel and Rs 95.41 per litre for petrol.

In the financial capital Mumbai, the diesel price was hiked from Rs 94.14 to Rs 95 per litre whereas, the petrol price was hiked from Rs. 109.98 to Rs 110.82 per litre.

Petrol, diesel prices in Hyderabad

In Hyderabad, the prices of petrol and diesel witnessed a hike of Rs. 0.9 and Rs. 0.88 respectively.

The prices of petrol and diesel which were Rs. 108.2 and Rs. 94.62 have been raised to Rs. 109.10 and Rs. 95.50 respectively.

Following are the new prices of petrol and diesel in various cities

CitiesPetrol price per litreDiesel price per litre
HyderabadRs. 109.10Rs. 95.50
DelhiRs. 96.21Rs. 87.47
MumbaiRs. 110.82Rs. 95
KolkataRs. 105.51Rs. 90.62
ChennaiRs. 102.16Rs. 92.19

Factors responsible for hike

The OMCs revise the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel amongst others.

Besides, the final price includes excise duty, value added tax and dealer’s commission.

It was widely expected that the OMCs will revise the current prices due to high crude oil cost.

Lately, crude oil prices have been volatile surging by nearly 35-40 percent on fear of tight supplies.

An inflationary blow is expected to push up prices of everything, from food items to manufactured goods.

With inputs from IANS

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