Petrol, Diesel Prices Continue To Climb; 8th Hike In Nine Days

Petrol and diesel prices across the country continued to rise for the eighth time in nine days with prices up by 80 paise on Wednesday, March 30 in Delhi. This followed a similar 80 paise revision in prices for petrol and a 70 paise hike in price for diesel on Tuesday. Today's fuel price hike marks the eighth price revision in the last nine days which has seen petrol and diesel prices climb by Rs. 5.60 per litre since oil companies rolled back on the fuel price freeze on March 22. Tuesday's price revision saw petrol cross the Rs. 100 per litre mark in the national capital for the first time since November 2021 with prices following today's revision currently at Rs. 101.01 per litre for petrol and Rs. 92.27 per litre for Diesel.

Coming to Mumbai, India's financial capital saw fuel prices rise by 84 paise and 85 paise for petrol and diesel respectively with the latter crossing the Rs. 100 per litre mark – a mark it had last crossed in October last year. Petrol retailed for Rs. 115.88 per litre in Mumbai while diesel stood at Rs. 100.10 per litre as of Wednesday morning.

In Bangalore petrol retailed for Rs. 106.46 per litre with diesel at Rs. 90.49 per litre while prices in Chennai for the same stood at Rs. 106.69 and Rs. 96.76 per litre respectively. In Kolkata petrol touched Rs 110 per litre today morning resting at Rs. 110.52 per litre. Diesel retailed at Rs. 95.42 per litre.

Fuel prices in India have remained on the boil with only one day of respite (read no price revision) in the last nine days. Prices for the fuels have seen some notable daily revisions of up to 80 paise per litre – the highest reported daily hike in prices since India moved to the daily fuel pricing system.

Prices of petrol in India are adjusted based on a number of factors including the global price of crude and exchange rates. For now, we could expect a further upward trend in petrol and diesel prices with crude facing demand-supply related issues in the past few months.