Petrol, Diesel Prices Hiked Across India For The First Time Since November 2021

Fuel prices in India have been hiked by up to 90 paise today, on March 22, 2022. Right now, petrol prices in Delhi stand at Rs. 96.21 per litre, up by 80 paise compared to a day ago when the prices were Rs. 95.41 per litre. On the other hand, diesel is being retailed at Rs. 87.47 per litre, while a day ago prices stood at Rs. 86.67 per litre in Delhi. At the same time, petrol prices in Mumbai stand at Rs. 110.82 per litre, while diesel is being retailed at Rs. 95 per litre, a hike of 84 paise and 86 paise respectively compared to a day ago.

Earlier, on November 4, 2021, the central government had reduced the excise duty on fuel, bringing prices down by Rs. 5 per litre for petrol and Rs. 10 per litre for diesel

Also Read: Central Government Reduces Prices On Petrol By Rs. 5, Diesel By Rs. 10 For Diwali

This is the first time that petrol and diesel prices have been increased across India after November 2, 2021. However, we must tell you that between then and now, the central government did reduce the excise duty on fuel once, bringing prices down by Rs. 5 per litre for petrol and Rs. 10 per litre for diesel, on November 4. Later, in December 2021, the Delhi government again reduced the value-added tax (VAT) on petrol to 19.40 per cent from the earlier 30 per cent, effectively bringing down the price of petrol in the region by Rs. 8 per litre. However, this was only limited to Delhi, and diesel prices had also remained unchanged.

Also Read: Petrol Price In Delhi To Go Down By Rs. 8 Per Litre Due To VAT Reduction

Among other metro cities, Hyderabad today saw the highest jump in petrol rates at 90 paise per litre. Currently, petrol rates in the city stand at Rs. 109.10 per litre, while diesel prices have been hiked by 88 paise, and is currently being retailed at Rs. 95.50 per litre. In Chennai, petrol is being retailed at Rs. 102.16 per litre, while diesel is priced at Rs. 92.19 per litre, whereas in Bengaluru, petrol and diesel prices stand at Rs. 101.42 and Rs. 85.80 per litre, respectively.

India's local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices

India imports about 85 per cent of its oil needs, making it the world's third-biggest oil importer and consumer. The country's local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices. The government has said that it was keeping a close watch on evolving geopolitical developments and would make 'calibrated interventions' to keep fuel prices under control "to safeguard the interest of the common man."