Petrol Diesel Prices Hike: Public sector oil marketing companies (OMCs) hiked the prices of petrol and diesel by 90 paise per liter on Tuesday. Grappling with financial pressures amidst the West Asia crisis, these companies have raised fuel prices for the second time in less than a week. This hike follows the increase of ₹3 per liter implemented on Friday, the first such hike in over four years.
With Tuesday’s hike, the price of petrol in Delhi rose to ₹98.64 per liter, while the price of diesel reached ₹91.58 per liter; similar changes have been observed in other parts of the country. Fuel prices vary across states due to differing tax rates.
Petrol Diesel Prices Hike: Some Relief to the Oil Marketing Companies
According to the Ministry of Petroleum, the ₹3 per liter hike in petrol and diesel prices implemented on Friday provided some relief to the OMCs. Consequently, their total daily losses incurred from the sale of these two automotive fuels and Liquefied Petroleum Gas (LPG) dropped by one-fourth, or approximately ₹250 crore, to stand at around ₹750 crore per day. Tuesday’s hike is expected to provide them with further relief, although they will continue to incur losses as they are still selling fuel below cost.
According to industry sources and analysts, the Petrol Diesel Prices hike implemented on Friday was expected to provide only partial relief from the prevailing pressure, given the significant disparity between retail fuel prices and market rates. Following last week’s hike, further price increases were anticipated to be implemented in a more measured and phased manner.
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