Petrol and diesel prices hiked for the third time this week in India

• The fuel prices have been hiked again this week by 80 paise per litre.
• Both petrol and diesel prices have so far been raised by ₹2.40 per litre this week as compared to last week.
• State-run oil refiners like Hindustan Petroleum, Indian Oil, Bharat Petroleum are revising the fuel prices on a daily basis keeping in mind the rising crude oil prices in the international market.

Petrol and diesel prices have been increased by 80 paise per litre for the third time this week, on Friday, after a two-day pause. Both petrol and diesel prices have so far hiked by ₹2.40 per litre this week as compared to last week.

These are the revised prices of petrol and diesel per litre—

Source: Indian Oil

Now, petrol in Delhi will cost you ₹97.81 per litre, as compared to two days ago, Wednesday, ₹97.01, while the diesel price has gone up to ₹89.07 per litre from ₹88.27 per litre Wednesday.

Similarly, in Mumbai, you will now get petrol for ₹112.51 per litre and diesel for ₹86.70 per litre. While in Chennai the petrol price has risen to ₹103.67 per litre and diesel price to ₹93.71.

State-run oil refiners like Hindustan Petroleum, Indian Oil, Bharat Petroleum are revising the fuel prices on a daily basis keeping in mind the rising crude oil prices in the international market. The new prices will come into effect from today, March 25, 6 a.m., onwards.

According to a report by The Economic Times, crude oil has become at least 40% costlier than November last year and so the oil companies are now recouping the losses.

The price hike has been on pause since November 4 ahead of assembly elections in Uttar Pradesh, Punjab, Goa, Manipur, and Uttarakhand. The government of India took a series of duty cuts in order to keep the fuel rates unchanged.

According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected," rating firm CRISIL said in a statement.

India’s 85% of oil demand is dependent on imports, according to wire agency PTI.

Earlier this week, the government also raised the bulk diesel price by ₹25 per litre.

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