The oil marketing companies (OMCs) on Sunday continued with the auto fuel price revision by raising the retail selling price (RSP) of petrol and diesel in the range of 75-85 paise a litre for the 11th time since March 22. 

Post this hike, overall, the prices have been raised by around ₹7.87-8.13 per litre each for petrol and diesel, respectively. OMCs resumed the daily price revision on March 22 after a hiatus of 137 days.

Following the price revision, the rate of petrol, or motor spirit (MS), in the national capital is now ₹103.41 per litre (up 80 paise) while the revised rates per litre in Mumbai, Chennai and Kolkata are ₹118.41 (up 84 paise), ₹108.96 (up 75 paise), and ₹113.03 (up 84 paise), respectively.

Similarly, with the hike in diesel, or high speed diesel (HSD), the prices for the commodity in Delhi is now ₹94.67 a litre (up 80 paise). The diesel prices a litre in Mumbai, Chennai and Kolkata are now ₹102.64 (up 85 paise), ₹99.04 (up 76 paise) and ₹97.82 (up 80 paise), respectively.

Spike since end of elections

The OMCs had stopped the daily price revision of petrol and diesel since November 4, 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 a record ₹110.04 a litre and diesel at ₹98.42 a litre in Delhi. The prices in Kolkata, Mumbai and Chennai were higher.

A day later, to offer respite to the common man and check rising inflation, the Central government 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 the crude oil prices. The daily price revision mechanism was started in June 2017. OMCs generally revise auto fuel rates on a daily basis in line with the average price of benchmark fuels in the global market in the last 15 days.