Petrol prices go up again

Petrol prices were increased again on Tuesday for the seventh time in the last eight days, costs Rs.113.61 in Hyderabad.

The price of petrol in Hyderabad went up by 90 paise, to Rs.113.61.

The price of diesel in the city went up by 77 paise per litre on Tuesday.

The hikes, coming for the seventh time in eight days after a record 137-day hiatus in the daily dynamic pricing system, will continue for a few more weeks, dealers here said, adding that the Russian-Ukrainian crisis impact remained the foremost reason which could keep the prices going up again.

Petrol prices

In Delhi, petrol rates were hiked by 80 paise a litre to cross the ₹ 100 mark and diesel by 70 paise a litre, according to a price notification of state fuel retailers.
A litre of petrol in the national capital will now cost ₹ 100.21 as against ₹ 99.41 previously, while diesel will be sold at ₹ 91.47 from ₹ 90.77 per litre earlier.

In Mumbai, petrol will be retailed at ₹ 115.04 per litre, while diesel will be sold at ₹ 99.25 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. The prices vary across the states due to value-added tax (VAT).

Fuel rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22.

Moody’s Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

Gobally, oil prices dropped today 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 Covid-19 surge. Brent crude futures were trading down $1.18, or 1.1 per cent, at $111.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down $1.09, or 1 per cent, at $104.87. Both benchmark contracts lost around 7 per cent on Monday.

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