Petrol, Diesel Price | Petrol and diesel prices rise again; Know the new rates

Thiruvananthapuram: Petrol and diesel prices have been hiked again in the country. The price has been rising since midnight last day. Petrol price will be hiked by 87 paise and diesel by 84 paise. This is the third increase in fuel prices this week.

Last day, petrol price was hiked by 88 paise per liter and diesel by 84 paise. Four months later, on Tuesday, petrol prices were hiked by 88 paise and diesel by 85 paise.

The reason for the current rise in prices is the rise in international crude oil prices. In Kochi, petrol was priced at Rs 105.5 per liter and diesel at Rs 92.27 per liter.

Earlier, there were indications that prices could rise in the coming days as oil companies start revising prices every day.

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Retail prices of petrol and diesel remained unchanged for about 137 days, despite rising fuel prices and aviation turbine fuel prices for major consumers and rising crude oil prices by up to 45%.

The increase in fuel prices on March 22 is the first since November 2, 2021. On November 4, the government had reduced the excise duty on petrol by Rs 5 and the excise duty on diesel by Rs 10 per liter. Subsequently, many states followed suit and cut taxes. Since then, OMCs have remained unchanged at retail prices despite rising crude oil prices.

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Moody’s Investors Service reported in a March 24 report that fuel retailers IOC, BPCL and HPCL lost about $ 2.25 billion (Rs 19,000 crore) in March on the back of a sharp rise in crude oil prices.

Industry experts predict that a one-dollar rise in crude prices could push retail fuel prices by 50 to 60 paise per liter. Crude oil prices have risen about $ 38 a barrel since November

Summary- Petrol and diesel prices have been hiked again in the country. The price has been rising since midnight last day. Petrol price will be hiked by 87 paise and diesel by 84 paise. This is the third increase in fuel prices this week.