Petrol and diesel price today: Prices of petrol and diesel were hiked yet again across the country for the fifth successive day on Tuesday, March 29, 2022. In the national capital, petrol price was raised by 80 paise a litre while diesel was up by 70 paise.
Following the latest price revision, petrol in Delhi breached the Rs 100-mark and is now retailing at Rs 100.21 a litre while diesel is selling at Rs 91.47. In the financial capital Mumbai, petrol price now stands at Rs 115.04 while diesel costs Rs 99.25, data available on Indian Oil Corporation’s website showed.
This is the seventh hike in fuel prices in a span of eight days as daily price revisions resumed after a gap of a record 137 days on March 22, 2022. So far, both petrol and diesel have been hiked by Rs 4.80 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.
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, US crude futures fell on Tuesday, extending losses from the previous day as Ukraine and Russia headed for peace talks and on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in COVID-19 cases, news agency Reuters reported.
Brent crude futures were trading down $1.07 (1.0 per cent) at $111.41 a barrel, having dipped as low as $109.97. US West Texas Intermediate (WTI) crude futures hit a low of $103.46 in early trade and were down 79 cents (0.8 per cent) at $105.17, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Tuesday, March 29, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|