Day-to-day in the most recent times, the prices of petrol and diesel are escalating to sky-high. Today, again we witness hike in petrol by 80 paise a litre and diesel by 70 paise a litre. This is the seventh hike in just 8 days. In the last week, the fuel rates were increased to a total of Rs 4.80 per litre. As per the incidence of local taxation, fuel prices have been increased across the country and vary from state to state.
In Delhi, petrol increased to Rs 100.21 per litre from Rs 99.41 per litre. While diesel rates have increased to Rs 91.47 per litre from Rs 90.77. In Mumbai, the rates of petrol and diesel were increased by 85 paise and 75 paise individually. They prices show Rs 115.04 for petrol and Rs 99.25 for diesel.
Coming to Chennai, the increased rates of petrol and diesel today are Rs 105.94 and Rs 96.00 respectively. In Kolkata, petrol costs Rs 109.68 and diesel costs Rs 94.62. In Bengaluru, people have to pay Rs 105.62 for petrol and Rs 89.70 for diesel. Whereas in Hyderabad, petrol costs Rs 113.61 per litre and Rs 99.84 for diesel per litre.
Overall, petrol prices have increased by Rs 4.80 per litre and diesel also increased by Rs 4.80 per litre. Kotak Institutional Equities said that Oil companies would need to raise diesel prices by Rs 13.1 – 24.9 per litre and Rs 10.6 – 22.3 per litre on petrol at an underlying crude price of USD 100-120 per barrel. On the other hand, CRISIL research said that the increase in retail price at Rs 9-12 per litre 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 increases to USD 110-120.