Sharp rise in petrol and diesel Prices

Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder as state oil firms ended an over four-and-a-half month election-related hiatus in rate revision.

Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel rates have gone up from Rs 86.67 per litre to Rs 87.47, according to a price notification of state-owned fuel retailers. In Mumbai, the petrol price has been hiked by Rs 0.84 per litre to Rs 110.82 per litre, and diesel by Rs 0.86 to Rs 95 per litre.

The rates, which differ from state to state depending on the incidence of local taxes such as VAT, are likely to continue to rise over the next few days as state oil firms recoup losses from keeping prices on hold for a record 137 days.

According to CRISIL Research, a hike of Rs 15-20 per litre is required to fully pass through a USD 30 per barrel increase in the cost of raw material (crude oil).

Simultaneously, the price of non-subsidised LPG cylinders has been increased to Rs 949.50 per 14.2-kg bottle in the national capital and Mumbai, and to Rs 976 in Kolkata.

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