Fuel prices up 80 paise a litre with first revision since 1 December
23 Mar 2022
The retail price of petrol and diesel increased by 80 paise each in Delhi from 6 am on Monday, after state-run oil marketing companies effected the first revision in prices since 1 December 2021. OMCs also hiked the price of domestic cooking gas (LPG) by Rs50 per cylinder, the first time time since early October 2021.
On Tuesday, the retail price of a litre of petrol rose to Rs96.21 in Delhi, while diesel price increased to Rs87.47 per litre, reflecting an 80 paise increase from prices of Rs95.41 and Rs86.67 per litre, respectively, on Monday.
Here are the petrol and diesel price (rupees) across the metro cities:
Retail fuel prices have remained mostly unchanged since November last year after the centre cut excise duty on on 4 November 2021, to give relief from prices that had reached an all-time high. The government had slashed the duty on petrol by Rs5 per litre and that on diesel by Rs10 a litre, leading to a substantial reduction in fuel prices.
Later, in December 2021, the Delhi government also reduced value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent, bringing down petrol price in the national capital by Rs8.56 per litre.
OMCs have avoided a revision in fuel prices despite the spike in the prices of crude oil in the wake of the Russia-Ukraine conflict. There was, however, speculation that fuel prices might rise as assembly elections have ended in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.