The oil marketing companies (OMCs) on Tuesday continued with the auto fuel price revision by raising the retail selling price (RSP) of petrol by around 80 paise and diesel by around 70 paise — for the seventh time since March 22. Overall, the prices have been raised by around ₹4.80 each for petrol and diesel.

Following the price revision, the rate of petrol, or motor spirit (MS), in the national capital is now ₹100.21 per litre (up 80 paise) while the revised rates in Mumbai, Chennai and Kolkata are ₹115.04 per litre (up 80 paise), ₹105.94 a litre (up 76 paise), and ₹109.68 per litre (up 83 paise), respectively.

Similarly, with a hike of around 70 paise in diesel, or high speed diesel (HSD), the price in Delhi is now ₹91.47 a litre (up 70 paise). The diesel prices in Mumbai, Chennai and Kolkata are now ₹99.25 a litre (up 75 paise), ₹96 per litre (up 67 paise) and ₹94.62 per litre (up 70 paise), respectively.

Last week, retail prices have already been raised by ₹3.70 per litre for petrol and ₹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 ₹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 March 20, OMCs had also raised the price of diesel for bulk buyers by ₹25 per litre.

Price revision

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 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.