Petrol , Diesel prizes hiked again

The price of petrol and diesel in Delhi became costlier by 80 paise a litre each again on Saturday. Now, petrol is selling in the national capital at Rs 98.61 per litre while diesel is trading at Rs 89.87 per litre. This is the fourth increase in five days, as the total hike now is Rs 3,2/litre.

The latest increase in fuel rates comes as the oil prices are witnessing a surge due to the ongoing Russia-Ukraine conflict. The hike also comes after a recording pause of 137 days as fuel rates were kept constant due to the Assembly elections in five states.

The oil companies are now recouping their losses in revenue for keeping petrol and diesel prices on hold during elections. Fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) during this period, according to Moody’s Investors Services.

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