Petrol and diesel price today: After remaining unchanged for a day, petrol and diesel prices were hiked again across the country on Friday, March 25, 2022. In the national capital, both petrol and diesel prices were raised by 80 paise each.
Following the latest price revision, petrol in Delhi is now retailing at Rs 97.81 a litre while diesel is selling at Rs 89.07. In the financial capital Mumbai, petrol price now stands at Rs 112.51 while diesel costs Rs 96.70, data available on Indian Oil Corporation’s website showed.
This is the third hike in fuel prices in a span of four days after daily price revisions resumed after a gap of a record 137 days. The increases are the steepest single-day rise since the daily price revision was started in June 2017. So far this week, both petrol and diesel have become dearer by Rs 2.40 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 by around $30 per barrel and touching multi-year highs earlier this month.
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 earlier this week. The state-run oil marketing companies (OMCs) are now recouping their losses.
Generally, the OMCs 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 global market, oil prices fell about $1 on Friday as the United States and allies considered releasing more oil from storage to cool markets and as traders faced higher costs for trading benchmark Brent futures, news agency Reuters reported earlier in the day.
Brent crude futures fell $1.07 (0.9 per cent) to $117.96 a barrel, after sliding 2.1 per cent in the previous session. US West Texas Intermediate (WTI) crude futures fell $1.20 (1.1 per cent) to $111.14 a barrel, having dropped 2.3 per cent in the previous session, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Friday, March 25, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|