Petrol, diesel prices hiked today after 4 months; details here

Petrol and diesel prices have risen across the country today after a nearly 4-month-long hiatus. Petrol and diesel prices were hiked by 80 paise each to settle at Rs 96.21 per liter and Rs 87.47 per liter respectively in Delhi.

While petrol prices went up by 84 paise to settle at Rs 110.82 per liter in Mumbai, diesel prices were hiked by 86 paise and reached Rs 95 per liter in India’s financial capital. Petrol prices went up by 84 paise in Kolkata to settle at Rs 105.51 per liter while diesel prices rose by 83 paise to Rs 90.62 per liter.

After the recent hike in fuel prices, a liter of petrol sells for Rs 102.16 whereas diesel costs Rs 92.19 per liter in Chennai. Petrol and diesel prices have also gone up in cities like Bengaluru, Hyderabad, Ahmedabad, Bhopal, Pune, Gurgaon and Noida.

Fuel is the costliest in Rajasthan’s Sri Ganganagar, located near the India-Pakistan border. Petrol costs Rs 112.99 per liter in this district whereas diesel sells for Rs 96.10 per liter.

Petrol and diesel prices vary from state to state based on factors like international crude oil prices, value-added tax (VAT) levied on fuel across different states, freight charges and international exchange rate. State-backed oil marketing companies (OMCs) revise petrol and diesel prices on a daily basis at 6 am.

Global oil prices

Oil futures extended gains on Tuesday morning as some European Union members are eyeing sanctions on Russian oil and as attacks on Saudi oil facilities sent shockwaves across the global markets. Due to this, global oil benchmarks – Brent crude and US West Texas Intermediate (WTI) crude — rose to $ 114.33 per barrel and $ 118.23 per barrel respectively.

Both of these contracts went up over 7 per cent on Monday on potential supply disruptions, as per a Reuters report.

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