NEW DELHI: Petrol and diesel prices were hiked yet again on Sunday- the fifth increase in six days.
Petrol will now be dearer by 50 paise a litre and diesel by 55 paise a litre.
In Delhi, petrol will now cost Rs 99.11 per litre while diesel rates have gone up to Rs 90.42, according to a price notification of state fuel retailers.
Prices had been on a freeze since November 4 ahead of the assembly elections in five states.
But four increments of 80 paise each, and the latest hike on Sunday means petrol will now cost Rs 3.70 more and diesel Rs 3.75 more per litre as compared to prices six days back.
Fuel prices in international markets, that were already on an upswing due to the economic recovery following the Covid slump, have further spiked since Russia’s invasion of Ukraine, putting pressure on domestic retailers.
Indian oil companies, which did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $117 per barrel compared to around $82 in early November, are now passing on to consumers the required increase in stages.
CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.
(With inputs from PTI)