Petrol price hiked by 30 paise, diesel up 35 paise; sixth increase in 7 days

Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise taking the total increase in rates in the last one week to Rs 4410 per litrePetrol in Delhi will now cost Rs 9941 per litre as against Rs 9911 previously while diesel rates have gone up from Rs 9042 per litre to Rs 9077 according to a price notification of state fuel retailersRates have been increased across the country and vary from state to state depending upon the incidence of local taxation This is the sixth increase in prices since the ending of a fourandhalfmonth long hiatus in rate revision on March 22In the first four four occasions prices were increased by 80 paise a litre the steepest singleday rise since the daily price revision was introduced in June 2017 On Sunday petrol price went up by 50 paise a litre and diesel by 55 paise In all petrol prices have gone up by Rs 4 per litre and diesel by Rs 410 Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab a period during which the cost of raw material crude oil soared by about USD 30 per barrelThe rate revision was expected soon after counting of votes on March 10 but it was put off by a couple of weeks The increase in retail price warranted from crude oil prices rising during the 137 day hiatus from around USD 82 per barrel to USD 120 is huge but stateowned fuel retailers Indian Oil Corporation IOC Bharat Petroleum Corporation Ltd BPCL and Hindustan Petroleum Corporation Ltd HPCL are passing on the required increase in stages Moodys Investors Services last week stated that state retailers together lost around USD 225 billion Rs 19000 crore in revenue for keeping petrol and diesel prices on hold during the election periodOil companies will need to raise diesel prices by Rs 131249 per litre and Rs 106223 a litre on gasoline petrol at an underlying crude price of USD 100120 per barrel according to Kotak Institutional Equities CRISIL Research said a Rs 912 per litre increase in retail price will be required for a full passthrough of an average USD 100 per barrel crude oil and Rs 1520 a litre hike if the average crude oil price rises to USD 110120 India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movementThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever