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The oil marketing companies (OMCs) on Friday resumed the auto fuel price revision, after a day’s gap, by raising the retail selling price (RSP) of petrol and diesel by around 80 paise — for the third time since March 22.
Following the price revision, the rate of petrol, or motor spirit (MS), in the national capital is now ₹97.81 per litre, while the revised rates in Mumbai, Kolkata and Chennai are ₹112.51 per litre, ₹107.18 and ₹103.67, 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 ₹89.07 a litre. The diesel prices in Mumbai, Kolkata and Chennai are now ₹96.70 a litre, ₹92.22 and ₹93.71, respectively.
The retail prices of both the auto fuels have already been raised by around 80 paise each on Tuesday and Wednesday. OMCs resumed the daily price revision on March 22 after a hiatus of 137 days.
Gas prices
On Thursday, Indraprastha Gas (IGL) raised the prices of piped natural gas (PNG) by ₹1 per SCM (standard cubic meter). With this, 1 SCM of PNG in Delhi now costs ₹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 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 Thursday (March 24). Besides, on Sunday, 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 5, 2021 in view of the 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 even higher.
A day later, to offer respite to the common man and check rising inflation, the Centre reduced excise duty on petrol and diesel by ₹5 and ₹10 per litre, respectively. Following the reduction, many States have reduced the value added tax (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 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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