Petrol and diesel prices were raised by at least 80 paise a litre on Thursday, with the former crossing the Rs 100 barrier. After a four-month respite, petrol and diesel prices have risen for the eighth time since last week, with an aggregate increase of up to Rs 6.40 per litre.
According to a price statement from Rajdhani service station, state-owned fuel merchants, petrol in Delhi would now cost Rs 101.81, an increase of 80 paise, while diesel rates will cost Rs 93.07, an increase of 80 paise.
Prices were raised by 80 pence per litre in the first four instances, the largest single-day increase since the daily price adjustment was established in June 2017.
According to a declaration by a state-owned fuel supplier, the price of petrol in Mumbai has risen to Rs 116.72 per litre, while the price of diesel has risen to Rs 100.94 per litre, an increase of 84 paise in just five days.
Petrol and diesel prices in Chennai have risen to Rs 107.45 and Rs 97.52, respectively. Petrol costs Rs 111.35 in Kolkata, while diesel costs Rs 96.22.
Petrol and diesel costs vary by state due to factors such as worldwide crude oil prices, state-level value-added tax (VAT), freight expenses, and the international currency rate. At 6 a.m., state-owned oil marketing corporations (OMCs) update gasoline and diesel prices.
The third day of fuel price hikes in the same week, according to experts, raises worrisome concerns about stoking inflation, which is currently above the target of 6%.
This revision is based on the average of international benchmark prices over the previous 15 days, allowing state-run oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to adjust retail petrol and diesel prices daily.