Hike in petrol, diesel & LPG prices
Fuel rates up 80 paise a litre; Rs50 increase in LPG rates
image for illustrative purpose
New Delhi: After a gap of four months, petrol and diesel prices on Tuesday were hiked by 80 paise a litre each, while domestic cooking gas prices were increased by Rs50 per cylinder, ending a over four and half month election-related hiatus in rate revision, sources said.
Petrol in Delhi will now cost Rs96.21 per litre as against Rs95.41 previously while diesel rates have gone up from Rs86.67 per litre to Rs87.47. A 14.2-kg non-subsidised LPG cylinder will now cost Rs949.50 in the national capital. While LPG rates were last revised on October 6, petrol and diesel prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab. Prices have been on a freeze since then despite the cost of raw material spiralling.
"On signals that the European Union is coming closer to a ban on Russian crude imports to punish Moscow for its invasion of Ukraine, oil rose for a fourth day, set for its greatest run in a month. The oil market will continue to benefit from a lack of supply in the system, and of course, Russia's invasion of Ukraine hasn't helped matters," said Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research.
Accordingly, the increase in selling price, which includes state levies, central excise and Cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
