Rates 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 four-and-half-month long hiatus in rate revision on March 22.
In the first four four occasions, prices were increased by 80 paise a litre - the steepest single-day 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 4.10.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like
The 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 state-owned fuel retailers
Moody's Investors Services last week stated that state retailers together lost around USD 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
Oil 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 USD 100-120 per barrel," according to Kotak Institutional Equities.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to USD 110-120.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement. PTI ANZ RUP
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