State-owned oil marketing companies (OMC) on Friday raised petrol and diesel prices for the third time this week.
These prices were revised for the very first time on Tuesday after a gap of more than four months.
Accordingly, the increase in the selling price, which includes state levies, central excise, and cess amongst others, came days after crude oil rates saw an astronomical rise due to the Russian-Ukrainian crisis.
In New Delhi, the price of petrol and diesel was increased again by 80 paise per liter.
As per pump prices, petrol now costs Rs 97.01 per liter and diesel Rs 88.27 per liter in the national capital.
On Wednesday, petrol prices were increased to Rs 97.81 per liter and diesel Rs 89.07 per litre in Delhi.
In the financial capital Mumbai, prices were hiked to Rs 112.51 per litre for petrol and diesel to Rs 96.70 per litre.
Besides, the prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 107.18 and diesel to Rs 92.22 per liter.
In Chennai too, they were increased. Petrol there now costs Rs 103.67, while diesel is Rs 93.71 per litre.
Till Tuesday, fuel prices were steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per liter, respectively.
The OMCs revise the transportation fuel cost based on various factors such as rupee to the US dollar exchange rate, cost of crude oil, and demand of fuel amongst others.
Resultantly, the final price includes excise duty, value added tax, and dealer’s commission.
It was widely expected that the OMCs will revise the current prices due to high crude oil costs.
Lately, crude oil prices have been volatile surging by nearly 35-40 percent on fear of tight supplies.
Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.
The crude oil price range is a cause of concern for India as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.
At present, India imports nearly 85 percent of its crude oil requirements.
