New Delhi | Jagran Business Desk: Fuel prices were hiked again in India on Sunday amid volatility in the international market due to the Russia-Ukraine war. While petrol prices were hiked by 50-53 paise, diesel got dearer by 55 to 58 paise across different cities.
In Delhi and Mumbai, a litre of petrol will now cost Rs 99.11 and Rs 113.88 respectively. Similarly, Chennaiites would need to pay Rs 104.90 for a litre of petrol while people in Kolkata can purchase it for Rs 108.53.
A litre of diesel, meanwhile, would now cost Rs 90.42 in Delhi, Rs 98.13 in Mumbai, Rs 95.00 in Chennai, and Rs 93.57 in Kolkata.
Petrol and diesel rates vary from state to state as per the local taxes. This is the fifth hike in rates since March 22. Since then, petrol has got dearer by Rs 3.70 per litre while diesel prices have gone up by Rs 3.75 per litre.
Petrol and diesel prices had been on a freeze since November 4 due to the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Manipur, and Goa. However, during this period, crude oil rates soared by around USD 30 per barrel due to Russia's invasion of Ukraine.
Here it should be noted that India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
According to a report by news agency PTI, oil marketing companies (OMCs) are expected to increase petrol and diesel prices by Rs 12 to Rs 15 to make up for the losses.
Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel," according to Kotak Institutional Equities.
CRISIL Research said a Rs 9-12 per litre increase in retail price 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 rises to USD 110-120.