new Delhi. State-owned oil marketing companies have increased the prices of petrol and diesel for the second consecutive day on Wednesday. In fact, after a gap of more than four months, these prices were changed for the first time on Tuesday.
The increase in selling prices, which includes state duty, central excise and cess, comes days after crude oil prices increased due to the Russia-Ukraine crisis.
In New Delhi, the price of petrol and diesel was once again increased by 80 paise per liter.
As per the pump prices, petrol in Delhi is now priced at Rs 97.01 per liter and diesel at Rs 88.27 per litre.
On Tuesday, the price of petrol was Rs 96.21 per liter and that of diesel was Rs 87.47 per litre.
In the financial capital Mumbai, the price of petrol and diesel was increased by Rs 111.67 per liter to Rs 95.85 per liter.
In addition, the prices of both the transport fuels were hiked in Kolkata. The price of petrol increased to Rs 106.34 and that of diesel to Rs 91.42 per litre.
Their number was increased in Chennai also. There the price of petrol is now Rs 102.91 and Rs 92.95 per liter.
Fuel prices remained stable from early November till Tuesday, when the Center reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per liter, respectively.
OMCs make changes in the transportation fuel cost based on various factors. The final price includes excise duty, value added tax and dealer’s commission.
It was widely expected that OMCs would revise the prevailing prices due to the high cost of crude.
Recently, crude oil prices have risen by around 35-40 per cent on the fear of tight supply.
In addition, there are fears that current sanctions against Russia will reduce much of global supply and affect growth.
The crude oil price range is a matter of concern for India as it may eventually add Rs 15-25 to the selling prices of petrol and diesel.
At present, India imports about 85 per cent of its crude oil requirement.
—AnyTV News
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