After a record 137-day hiatus, the fuel prices have been picking up since March 22, except on March 24 when they remained steady. 
After a record 137-day hiatus, the fuel prices have been picking up since March 22, except on March 24 when they remained steady. 
Petrol and diesel prices have been increased again on Saturday, March 26, by 80 paise per litre, according to data by the Indian Oil Corporation (IOCL).
This is the fourth such hike this week. After a record 137-day hiatus, the fuel prices have been picking up since March 22, except on March 24 when they remained steady.
With Saturday's price hike, the retail prices of petrol and diesel have gone up by Rs 3.20 per litre. These fuel price hikes are the steepest single-day rise since the daily price revision was started in June 2017.
Also Read: Petrol, diesel prices hiked by 80 paise for third time this week
In the national capital Delhi, petrol price has surged to Rs 98.61 per litre from Rs 97.81 a litre previously, while diesel rate has climbed to Rs 89.87 per litre from Rs 89.07 a litre, according to a price notification of state fuel retailers.
In Mumbai, a litre of petrol now costs Rs 113.35 per litre, an increase of 84 paise. In Chennai, the petrol price has gone up by 76 paise per litre to Rs 104.43. In Kolkata, the petrol rate has been increased to Rs 108.01, an 83 paise hike.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of raw material (crude oil) soared by about $30 per barrel.
The rate revision was expected soon after assembly elections ended on March 10 but it was put off. Oil companies, who did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $117 per barrel compared to around $82 in early November, are now passing on to consumers the required increase in stages.
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Moody's Investors Services on Thursday stated that state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel," according to Kotak Institutional Equities.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120. India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
Petrol Prices on March 26, 2022
Diesel Prices on March 26, 2022
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