News Karnataka
Friday, December 08 2023

Petrol prices up again; rise by Rs 7.2 per litre in 12 days

Petrol prices up again rise by Rs 72 per litre in 12 days
Photo Credit : IANS

New Delhi: State-run oil marketing companies on Saturday raised key transport fuel prices for the tenth time in the last 12 days.

Consequently, in the past 12 days, petrol prices have increased by Rs 7.2 per litre in the national capital.

These prices were revised for the very first time on Tuesday, March 22, after a gap of more than four months.

On Saturday, the price of petrol and diesel in New Delhi were increased again by 80 paise per litre.

As per pump prices, petrol now costs Rs 102.61 per litre and diesel Rs 93.87 per litre in the national capital.

In the financial capital Mumbai, prices were hiked to Rs 117.57 per litre for petrol and diesel to Rs 101.79 per litre.

Besides, the prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 122.19 and diesel to Rs 97.02 per litre.

In Chennai too, they were increased. Petrol there now costs Rs 108.21 and diesel Rs 108.21 per litre.

Till last Tuesday, fuel prices were steady since November 2021 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 on fears of tight supplies due to sanctions against Russia.

The crude oil price range is a cause of concern for India as it may ultimately add up to Rs 10 in petrol and diesel selling prices.

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