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The oil marketing companies (OMCs) on Monday continued with the auto fuel price revision by raising the retail selling price (RSP) of petrol by about 30 paise and that of diesel by around 35 paise — for the sixth time since March 22. Post this hike, the prices have been raised by Rs 4 for petrol and Rs 4.10 per litre for diesel overall.
Following the price revision, the rate of petrol or motor spirit (MS), in the national Capital is now Rs 99.41 per litre, while the revised rates in Mumbai, Chennai and Kolkata are Rs 114.19 per litre, Rs 105.18 a litre, and Rs 108.85 per litre, respectively.
Similarly, with a hike of around 55 paise in diesel, or high speed diesel (HSD), the prices for the commodity in Delhi is now Rs 90.77 a litre. The diesel prices in Mumbai, Chennai and Kolkata are now Rs 98.50 a litre, Rs 95.33 per litre and Rs 93.92 per litre, respectively.
Last week, retail prices were raised by Rs 3.70 for petrol and Rs 3.75 per litre for diesel. OMCs resumed the daily price revision on March 22 after a hiatus of 137 days.
On March 24, Indraprastha Gas (IGL) raised the prices of piped natural gas (PNG) by Rs 1 per SCM (standard cubic meter). Now 1 SCM of PNG in Delhi will cost Rs 36.61 from the previous Rs 35.61 per SCM, while in Noida, Greater Noida and Ghaziabad it is now priced at Rs 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 Rs 1 to Rs 59.01 per kg in Delhi from March 24. Besides, on March 20, OMCs had also raised the price of diesel for bulk buyers by Rs 25 per litre.
Price revision
The OMCs had stopped the daily price revision of petrol and diesel on November 4, 2021. This was done as there were assembly elections in five states including the politically significant states of Uttar Pradesh and Punjab.
The last revision took place on November 3, 2021 with petrol prices being revised to a record Rs 110.04 a litre and diesel to Rs 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 central excise duty on petrol and diesel by Rs 5 and Rs 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 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.
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