As oil price soar above USD 130 a barrel as US considers a ban on Russian crude imports and global buyers continue to shun its shipments over the war in Ukraine, oil companies in India prepare to hike petrol and diesel prices after keeping the rates steady for over four months in the run-up to assembly elections in five states.
The new rates increased by the oil companies have come into effect from Tuesday, March 8. The price of CNG in Delhi has been increased by 50 paise. While it became expensive by Re 1 per kg in Noida and Ghaziabad. Due to the increase in prices in the global market, companies were under pressure to increase the rates.
Read | Fuel price hike alert: Petrol, diesel could get costlier by Rs 15 per litre - Know details
Petrol and diesel prices in four metros
Delhi - Petrol Rs 95.41 and Diesel Rs 86.67 per liter
Mumbai - Petrol Rs 109.98 and Diesel Rs 94.14 per liter
Chennai - Petrol Rs 101.51 and diesel Rs 91.53 per liter
Kolkata - Petrol Rs 104.67 and Diesel Rs 89.79 per liter
Citywise rates
Gurugram - Petrol Rs 95.68 and Diesel Rs 86.90 per liter
Noida - Petrol Rs 95.64 and Diesel Rs 87.14 per liter
Jaipur - Petrol Rs 107.06 and Diesel Rs 90.70 per liter
Lucknow - Petrol Rs 95.29 and Diesel Rs 86.81 per liter
Patna - Petrol Rs 106.26 and diesel Rs 91.43 per liter
New rates are released every morning at 6 am
Petrol and diesel prices change every day at 6 am. The new rates are applicable from 6 am onwards. After adding excise duty, dealer commission, VAT and other things to the price of petrol and diesel, its price becomes almost double of the original price.
Petrol-diesel may increase by Rs 12 to 15 per litre
According to a report by ICICI Securities, the price of petrol and diesel may increase by Rs 12 to Rs 15 per litre in the next few days. In the global market, the price of crude oil is running above USD 130 per barrel, which is the highest rate in 13 years and companies are also under pressure to increase the price.
LPG prices likely to increase
The government can also increase the prices of LPG cylinders soon. On March 1, the prices of commercial gas cylinders were increased by Rs 105, while a 5 kg cylinder also became expensive. However, due to the Assembly elections, the prices of domestic gas cylinders have not increased since October and it is estimated that it may increase by Rs 100 to 200 in the next few days.
