Fuel prices continued to pinch the common man as petrol and diesel rates were hiked yet again on Sunday. Petrol price was increased by 50 paise a litre while diesel rate was surged by 55 paise on March 27. In the wake of rising crude oil prices amid Russia-Ukraine war, the oil marketing companies in India, resumed the revision of fuel prices on March 22, after a hiatus of over four-and-a-half month. Since then, the petrol price went up by Rs 3.70 and diesel by Rs 3.75 per litre in just six days.
With the latest revision, a litre of petrol would cost Rs 99.11 per litre in Delhi. A litre of petrol would be available at Rs 113.88 in Mumbai, highest in any metro city. In Chennai, you would have to spend Rs 104.90 for a litre of precious auto fuel. Petrol was priced at Rs 108.53 in Kolkata. This was the fifth jump in petrol prices in the last six days.
Diesel price also witnessed a sharp rise in the last few days. A litre of diesel was available at Rs 90.42 in the national capital. With the latest revision, diesel would cost Rs 90.13 in Mumbai. In Chennai, diesel would be sold at Rs 95. Diesel would be priced at Rs 93.57 in Kolkata.
In the international market, crude oil prices ended the week over $120 a barrel. Brent crude settled up $1.62, or 1.4 per cent, to $120.65 a barrel and US West Texas Intermediate (WTI) crude ended $1.56, or 1.4 per cent higher, at $113.90. “The supply disruptions from Russia are expected to continue to support the oil
price on the lower side. Additionally, investors will keep an eye on oil rig counts data from the US,” said ICICI Direct Research.
Petrol, Diesel Prices on Sunday, March 27 in Delhi, Mumbai and Other Cities in India
Petrol – Rs 99.11 per litre
Diesel – Rs 90.42 per litre
Petrol – Rs 113.88 per litre
Diesel – Rs 98.13 per litre
Petrol – Rs 108.53 per litre
Diesel – Rs 93.57 per litre
Petrol – Rs 104.910 per litre
Diesel – Rs 95.00 per litre
Hardeep Singh Puri, minister of petroleum and natural gas of India, blamed the surging international oil prices behind the steep hike in fuel rates in India. “Oil prices are determined by global prices. There is a war-like situation in one part of the country. The oil companies will factor that in. We will take decisions in the best interest of our citizens,” he mentioned earlier.
Defending the steep hike in fuel prices in India, “I assure you all that there will be no shortage of crude oil. We will make sure that our energy requirements are met, even though 85 per cent of our requirements are dependent on imports for crude oil and 50-55 per cent on gas,” Puri added.