Petrol and diesel price today: Prices of petrol and diesel were hiked again across the country for the fourth consecutive day on Monday, March 28, 2022. In the national capital, petrol price was raised by 30 paise a litre while diesel was up by 35 paise.
Following the latest price revision, petrol in Delhi is now retailing at Rs 99.41 a litre while diesel is selling at Rs 90.77. In the financial capital Mumbai, petrol price now stands at Rs 114.19 while diesel costs Rs 98.50, data available on Indian Oil Corporation’s website showed.
This is the sixth hike in fuel prices in a span of seven days as daily price revisions resumed after a gap of a record 137 days on March 22, 2022. So far, petrol has been hiked by Rs 4.00 per litre and diesel has become dearer by Rs 4.10 per litre in the national capital.
Petrol and diesel prices were kept unchanged since November 4 last year running all the way up to the assembly elections in five key states including Uttar Pradesh and Punjab, despite a steep spike in the cost of crude oil which soared to multi-year highs earlier this month amid the fallout of Russia-Ukraine conflict and recovery in global demand.
As soon as the assembly elections concluded and the results were declared on March 10, 2022, the daily price revisions were expected to resume however that didn’t happen till last week. The state-run oil marketing companies (OMCs) are now recouping their losses.
The OMCs generally revise rates of petrol and diesel on a daily basis, based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
In the international market, oil prices fell more than $3 on Monday as fears over weaker fuel demand in China grew after its financial hub of Shanghai launched a planned two-stage lockdown on Monday to contain a surge in COVID-19 infections, news agency Reuters reported.
Brent crude futures slid as low as $116.00 a barrel and were trading down $3.09 (2.6 per cent) at $117.56. US West Texas Intermediate (WTI) crude futures hit a low of $109.30 a barrel, and were down $3.28 (2.9 per cent) at $110.62, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Monday, March 28, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|