Petrol, diesel prices up by 40 paise with cumulative hike at ₹8.40/litre

NEW DELHI: Petrol and diesel prices were hiked by 40 paise a litre each on Monday, taking the total increase in rates in the last two weeks to ₹8.40 per litre.

This is the 12th increase in prices since the ending of a fourand-half-month long hiatus in rate revision on March 22.

Rates have been increased across the country and vary from state to state, depending upon incidence of local taxation.

Petrol in Delhi will now cost ₹103.81 per litre compared with ₹103.41 previously, while diesel rates have gone up from ₹94.67 per litre to ₹95.07, according to a price notification by state fuel retailers.

Meanwhile, in the international markets, the price of crude oil rose to $105 a barrel on Monday in volatile trade as the release of strategic reserves by consuming nations failed to eliminate supply fears arising from Russia’s invasion of Ukraine and the lack of an Iranian nuclear deal.

“Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no,” said Stephen Brennock of oil broker PVM.

Brent crude was up 92 cents, or 0.9%, at $105.31 a barrel by 1140 GMT. US West Texas Intermediate crude gained 63 cents, or 0.6%, to $99.90. Both contracts were down more than $1 earlier in the session.

Crude dropped by about 13% last week after US President Joe Biden announced a record release of US oil reserves and as the International Energy Agency members committed to further tapping reserves.

THIS IS THE 12TH RISE IN PRICES SINCE THE ENDING OF A LONG HIATUS IN RATE REVISION ON MARCH 22