The oil marketing companies (OMCs) on Saturday continued with the fuel price revision by raising the retail selling price (RSP) of petrol and diesel by around 80 paise — for the fourth time since March 22. Post this hike, the overall prices have been raised by ₹3.20 per litre.

Following the price revision, the rate of petrol or motor spirit (MS) in the national capital is now ₹98.61 per litre while the revised rates per litre in Mumbai, Chennai and Kolkata are ₹113.35, ₹104.43, and ₹108.01, respectively.

Similarly, with a hike of around 80 paise in diesel, or high speed diesel (HSD), the prices for the commodity in Delhi is now ₹89.87 a litre. The diesel prices per litre in Mumbai, Chennai and Kolkata are now ₹97.55, ₹94.47 and ₹93.01, respectively.

The retail prices of both fuels have already been raised by around 80 paise each on Tuesday, Wednesday and Friday. OMCs resumed the daily price revision on March 22 after a hiatus of 137 days.

On Thursday, Indraprastha Gas (IGL) raised the prices of piped natural gas (PNG) by ₹1 per SCM (standard cubic meter). Now 1 SCM of PNG in Delhi will cost ₹36.61 from the previous ₹35.61 per SCM, while in Noida, Greater Noida and Ghaziabad, it is now priced at ₹35.86 per SCM. The hike in prices is also in line with the firming up of international gas prices.

Compressed natural gas (CNG) prices have also been raised by ₹1 to ₹59.01 per kg in Delhi from March 24. Besides, on Sunday, OMCs had also raised the price of diesel for bulk buyers by ₹25 per litre.

Earlier price hike

The OMCs had stopped the daily price revision of petrol and diesel since November 5, 2021. This was done as there were assembly elections in five States including the politically significant Uttar Pradesh and Punjab. 

The last revision took place on November 3, 2021 with petrol prices being revised to an all time high ₹110.04 a litre and diesel at ₹98.42 a litre in Delhi. The prices in Kolkata, Mumbai and Chennai were also higher.

A day later, to offer respite to the common man and check rising inflation, the Central government had reduced the central excise duty on petrol and diesel by ₹5 and ₹10 per litre, respectively. Following this reduction, many States also reduced the VAT on petrol and diesel. 

Domestic petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices. The daily price revision mechanism was started in June 2017. OMCs generally revise auto fuel rates daily with the average price of benchmark fuels in the global market in the last 15 days.