New Delhi: Petrol and diesel prices have been increased again on Thursday (March 31). Both petrol and diesel will cost 80 paise more today than the rates on Wednesday, March 30, 2022. With today’s change in fuel prices, petrol is selling at Rs 101.81 per litre in Delhi. On the other hand, diesel is retailing with a hike of 80 paise at Rs 93.07 per litre in the national capital. 


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Petrol and diesel prices have been increased by Rs 6.40 per litre since March 22, 2022, when oil marketing companies re-started the daily revision of fuel prices after a hiatus of 137 days. The last revision in the prices of petrol and diesel had come on November 4, 2021. 


However, since November 4, 2021, there has been a sharp rise in crude oil prices in the global markets. As a result, fuel retailers reportedly faced massive losses for not increasing petrol and diesel rates with global fuel price hikes. However, the small daily increases in petrol and diesel rate, that started on March 22, 2022, could provide them with some respite. 


According to a report by Moody's, major fuel retailers such as the IOC, BPCL and HPCL lost a total of about Rs 19,000 crore in revenue between November last year and March this year by keeping petrol and diesel rates unchanged at a time when there was a sharp rise in crude oil prices in global markets. Also Read: Petrol, diesel prices to witness another hike tomorrow; check latest fuel rates


Fuel retailers had kept petrol and diesel rates unchanged in India between November 4, 2021, and March 21, 2022, despite prices of crude oil averaging around $111 per barrel in the first three weeks of March compared to around $82 in early November 2021, amid the Russia-Ukraine war. Also Read: Import of refurbished Apple devices is banned in India; check reason here


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