(F.E)
Petrol and diesel prices were left unchanged on March 24, 2022, after two days of consecutive hikes. In the last two days, prices have increased by as much as Rs 1.60 per litre after Oil Marketing Companies (OMC) hiked prices. Petrol in the National Capital of Delhi currently retails at Rs 97.01 per litre, while diesel in the city is priced at Rs 88.27 per litre. In Mumbai, a litre of petrol and diesel cost Rs 111.58 and Rs 95.74, respectively. OMCs hiked prices on Tuesday for the first time in 4 months. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
OMCs had neither raised nor reduced petrol and diesel rates for more than 100 days till Tuesday, while international oil prices were volatile. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol, diesel prices differ from state to state on account of local taxes like VAT or freight charges. Analysts had expected an increase in fuel rates as crude oil prices were hurting the government’s kitty.
