Petrol and diesel prices were increased by 80 paise per litre today after a period of over four months.
Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
The price of domestic cooking gas (LPG) was increased by Rs 50 per cylinder.
Petrol price in the national capital has gone up from Rs 95.41 to Rs 96.21 per litre while diesel in Delhi will now cost Rs 87.47 a litre.
Petrol and diesel prices per litre in Mumbai will cost Rs 110.82 and Rs 95.00 respectively.
In Kolkata, petrol and diesel will cost Rs 105.51 and Rs 90.62 per litre respectively while the prices in Chennai will be Rs 102.16 and Rs 92.19 respectively.
After November last year, this is the first fuel price hike.
A 14.2-kg LPG cylinder will now cost Rs 949.50 in Delhi from today. Domestic LPG rates were last revised on October 6 by Rs 15. Earlier on March 1, the prices of 19 kg commercial LPG cylinders was increased by Rs 105 in Delhi.
With this increase, 19 kg commercial cylinder costs Rs 2,012 in Delhi.
Till now, fuel prices have been steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.
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.
Resultantly, 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 per cent on fear of tight supplies.
Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.
In case of India, the crude oil price range is a cause of concern as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.
At present, India imports nearly 85 per cent of its crude oil requirements.
(With inputs from Agencies)