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Petrol and diesel rise by Rs 8 in less than two weeks after another 80 Paise hike

Petrol and diesel prices rose another 80 paise per liter on Sunday. In Delhi, petrol now costs 103.41 rupees per liter and diesel costs 94.67 rupees per litre, according to a price notification from fuel retailers in the state. Gasoline and diesel prices vary from state to state, depending on local taxes.
In less than two weeks, the total price increase now amounts to Rs 8 per litre. Fuel prices will continue to rise in “small doses” as oil prices rise in the international market, sources told CNBC-TV18.
Sunday’s fuel price increase was the 11th since the end of a long four-and-a-half-month hiatus in rate reviews on March 22. Prices had been frozen since November 4, ahead of assembly elections in states such as Uttar Pradesh and Punjab.

During this period, the cost of the raw material (crude oil) increased by approximately $30 per barrel. The rate review was expected shortly after the votes were counted on March 10. Moody’s Investors Services said last week that state retailers together lost about $2.25 billion (Rs 19,000 crore) in revenue for holding down petrol and diesel prices during the election period.

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Crude oil has also fluctuated between $97 and $139 a barrel since the start of the Russian-Ukrainian war. The retail price increase justified by the rise in crude oil prices during the 137-day pause from around $82 a barrel to $120 is huge, but state-owned 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.

Kotak Institutional Equities said oil companies will have to raise diesel prices from Rs 13.1 to Rs 24.9 per liter and from Rs 10.6 to Rs 22.3 per liter of gasoline at an underlying crude price of 100 at $120 a barrel. CRISIL Research said a retail price increase of 9-12 rupees per liter would be required for full pass-through of an average of 100 dollars per barrel of crude oil and 15-20 rupees per liter if the average price of crude oil reached $110. 120.

The sale of fuels in the country exceeded pre-pandemic levels in March under the double effect of the rebound of the economy after the lifting of restrictions related to the pandemic and the anticipation of price increases leading to stockpiling.

India is 85% dependent on imports to meet its oil needs, and retail tariffs therefore adjust according to global movement.

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