In yet another fuel price hike, petrol and diesel prices were on Thursday hiked by 80 paise a litre each. The fuel price has been increased by Rs 6.40 per litre in the last 10 days.

Petrol in Delhi will now cost Rs 101.81 per litre as against Rs 101.01 previously while diesel rates have gone up from Rs 92.27 per litre to Rs 93.07, according to a price notification of state fuel retailers.

In Mumbai, the petrol and diesel prices per litre stood at Rs 116.72 and Rs 100.94 respectively.

Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. Fuel prices had been on a freeze since November 4, 2021, ahead of the assembly elections in the five states -- a period during which the cost of raw material (crude oil) soared by about US $30 per barrel.

The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around USD 82 per barrel to USD 120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.

India is 85 percent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

First Published:Mar 31, 2022 6:54 AM IST