Petrol and diesel prices on Tuesday, saw a hike again for the seventh time in eight days by 80 paise per litre and 70 paise per litre, respectively, which means an increase by ₹4.80 per litre in the last one week.
With the fresh hike, petrol and diesel prices in Delhi rose to Rs.100.21 per litre and Rs.91.47 per litre respectively. In India’s financial capital Mumbai, petrol price stood at Rs.115.04 per litre, whereas the per liter cost for diesel rose to Rs.99.25 per litre.
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The fuel prices were hiked by 30 paise on Monday too.
Prices were stable for over four and a half months, a period during which election campaigns and polling were held in five states; Uttar Pradesh, Punjab, Uttarakhand, Goa, Manipur.
According to a report by The Economic Times, crude oil has become at least 40% costlier than November last year and so the oil companies are now recouping the losses.
According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected,” rating firm CRISIL said in a statement.
A three-phased campaign, ‘Mehngai-mukt Bharat Abhiyaan’, has also been announced by the Congress against price rise under which it will organise rallies and marches across the country between March 31 and April 7.