New Delhi: Fuel prices are continuing to maintain an upward trend with petrol and diesel rates hiked by 40 paise per litre each on Monday, compounding an increase of about ₹8.40 a litre in twelve revisions in 14 days so far.
In Delhi, petrol and diesel rates were hiked by 40 paise a litre each, according to a price notification of state fuel retailers.
A litre of petrol in the national capital will now cost ₹ 103.81 as against ₹ 103.41 previously, while diesel will be sold at ₹ 95.07 from ₹ 94.67 per litre earlier.
In Mumbai, petrol will be retailed at ₹ 116.72 per litre, while diesel will be sold at ₹ 100.94 per litre. Among the metro cities, fuel rates are the highest in Mumbai. The prices vary across the states due to value-added tax (VAT).
Fuel rates were held steady for over four months despite the spike in crude oil prices. The rate revision had ended on March 22. In total, petrol and diesel prices have gone up by ₹ 8.40 per litre, respectively, after nine rate revisions.
Moody's Investors Services had stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates daily, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.
Globally, oil prices extended losses today as investors eyed the release of supplies from strategic reserves from consuming nations, while a truce in Yemen could ease supply disruption concerns in the Middle East. Brent crude futures fell 79 cents, or 0.8 per cent, to $103.60 a barrel, while U.S. West Texas Intermediate crude was at $98.45 a barrel, down 82 cents, or 0.8 per cent.