Petrol, diesel prices hiked in major cities in first revision since 1st Dec

Petrol and diesel prices increased on Tuesday, twelve days following the assembly election results in five states. Diesel price in Mumbai went up by Rs 12 touching the three figure mark, from Rs 94.14 per litre to Rs 106.62 per litre.

Petrol prices also went up considerably from Rs 109.98 per litre to Rs 115.85 per litre - a difference of over Rs 5.

Fuel prices have remained unaltered since November 2021 in spite of global crude oil prices breaching the three-figure mark and touching multi-year highs. However, many have been expecting a rise in prices after hostilities between Russia and Ukraine increased global rates.

In the national capital petrol is retailing at Rs 96.21 per litre and diesel costs Rs 87.47 per litre. The climb in prices since Monday is around Rs 1 each.

In Kolkata, petrol costs Rs 110.82 per litre while diesel rates rose to Rs 95.00 per litre. Kolkata is among the cities that saw a significant increase in petrol price with Rs 6 difference in just one day. Diesel prices also went up by over Rs 5.

The rates of petrol and diesel in Chennai have spiralled to Rs 102.16 per litre and Rs 92.19 per litre, respectively.

In India, petrol and diesel prices depend on several factors such as demand, valuation of INR against USD, consumption ratio of refineries and more. the prices of fuel differ from state to state and also in cities, depending on the incidence of local taxes like value-added tax (VAT) and freight charges.

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