Petrol and diesel prices were on Wednesday hiked by 80 paise a litre each. The fuel price has been increased by Rs 5.60 per litre in the last nine days.

Petrol in Delhi will now cost Rs 101.01 per litre as against Rs 100.21 previously while diesel rates have gone up from Rs 91.47 per litre to Rs 92.27, according to a price notification of state fuel retailers.

In Mumbai, the petrol and diesel prices per litre stood at Rs 115.88 and Rs 100.10 respectively. In Chennai, the price of petrol is Rs 106.69 and diesel is Rs 96.76. In Kolkata, petrol is priced at Rs 110.52 and diesel at Rs 95.42.

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 from 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 30, 2022 7:18 AM IST