New Delhi | Jagran Business Desk: In 12th hike since March 22, petrol and diesel were increased across India by 40 to 45 paise by oil marketing companies (OMCs) on Monday.
With this hike, a litre of petrol and diesel would now cost Rs 103.81 and Rs 95.07 in Delhi respectively. Meanwhile, in Mumbai, petrol and diesel are priced at Rs 118.83 a litre and Rs 103.07 a litre respectively.
In Chennai, petrol and diesel prices are at Rs 109.34 and Rs 99.42 per litre. In Kolkata, rates of petrol are at Rs 113.45 per litre, while diesel is at Rs 98.22 per litre.
In Bengaluru, you would need to pay Rs 109.41 and Rs 93.23 for a litre of petrol and diesel respectively.
Petrol and diesel rates had reached an all-time high in India last year, but were reduced after the central government cut excise duty on fuel rates. However, prices have been rising since March 22 again after Russia began its invasion of Ukraine.
Market experts believe that petrol and diesel prices are expected to rise by Rs 12 to Rs 15 a litre as OMCs are looking to cover up the losses that they had to incur due to the Russia-Ukraine war.
"Fuel prices need to be increased by Rs 15 a litre for fuel retailers to break even," news agency PTI quoted industry sources as saying.
It should be noted that India relies on overseas purchases to meet about 85 per cent of its oil demands, and a rise in international crude oil rates will have a direct impact on petrol and diese price.
Meanwhile, brent crude futures plunged by USD 1.01 or 1 per cent to USD 103.38 a barrel on Tuesday, while WTI crude futures fell 84 cents or 0.9 per cent to USD 98.43 a barrel after the United Arab Emirates (UAE) and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border.
"This was a threat to supply, and a ceasefire would reduce that threat to supply," Reuters quoted Phil Flynn, an analyst at Price Futures Group, as saying.