9th Hike In Petrol & Diesel Prices
The series of hikes in Petrol & diesel prices takes it to a total of Rs.6.40 per litre so far. As of today, we are seeing the 9th hike in the prices of both fossil fuels by 80 paise per litre.
Prices After Hike
- Now after the 9th hike in Delhi the petrol will cost Rs.101.81 per litre and diesel will be sold at Rs.93.07 per litre.
- As in Mumbai, fuel rates are increased by 84 paise per litre, making the cost of petrol Rs.116.72 & diesel Rs100.94 per litre.
- If you live in Chennai, fuel rates are hiked by 74 paise a litre, that’s why you will have to pay Rs.107.45 a litre for petrol and Rs.97.52 a litre for diesel.
- The rise in fuel rates causes petrol to hike by 83 paise and diesel by 80 paise in Kolkata. After this petrol now costs Rs.111.35 per litre and diesel costs 96.22 a litre.
Also read:Petrol Price Crosses Rs 100 Mark In Delhi, What To Expect?
Why The Series Of Hikes In Petrol & Diesel Rates?
The retailers are creating a series of rises in fuel prices to recover the estimated losses which have risen to Rs.20-22, when on March 7 the Brent crude oil hit $139 per barrel. And with such little recoveries, the prices are expected to rise further.
It was recently revealed by Moody’s Investors Service that major oil retailers IndianOil, Bharat Petroleum, and Hindustan Petroleum have lost over $2 billion. Their losses increased as they were retaining the fuel rates for four months since November even after the global rise in oil rates.
Kotak Securities on the matter believes that Oil Marketing Companies, “will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel.”