State-owned oil marketing companies are set to increase petrol and diesel prices by 80 paise per litre yet again. The prices remained same for almost 137 days until they started increasing from March 22.
Initially, petrol and diesel price were increased by 80 paise each by OMCs on March 22 and March 23. Prices remained the same on March 24 as companies did not announce any further hike.
In New Delhi, petrol will now be sold at Rs 98.61 per litre against Rs 97.81 and diesel will be sold at Rs 89.87 per litre after the price revision. In the financial capital Mumbai, petrol will now be sold at Rs 113.31and diesel will be sold at Rs 97.50 per litre.
This marks Rs 3.20 hike in the price of petrol and diesel within five days.
Notably, government oil marketing companies can change the price of petrol and diesel daily based on the prices of crude oil which are released internationally. These include oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
As per reports by Moody's, fuel retailers IOC, BPCL and HPCL together lost around Rs 19,000 crore in revenue between November and March due to the consistency in diesel and petrol prices. The losses were huge as price was not change inspite of a significant rise in crude oil prices.
The ongoing war between Russian and Ukraine is a prime cause of rising prices of petrol and diesel. As the war is expected to continue further, oil marketing firms may increase the fuel prices even more in the coming days.
Also, READ: Can Russia end the war with Ukraine by May 9? THIS could be the reason
