Petrol, diesel prices to increase by 80 paise again tomorrow after a day’s relief; check latest rates

With the latest revision, petrol will retail at Rs 102.61 per litre in Delhi on April 2.

New Delhi: Petrol and diesel prices will increase again on Saturday, April 2, across the country. After a day’s relief, per litre petrol and diesel prices will rise tomorrow by another 80 paise. 

With the latest revision, petrol will retail at Rs 102.61 per litre in Delhi. On the other hand, diesel prices will increase by 80 paise to Rs 93.87 per litre in the national capital on April 22. 

Since March 22, the day when oil retailers restarted the daily revision of petrol and diesel prices, fuel has become costlier by Rs 7.20 per litre. Oil marketing companies had restarted increasing petrol prices in the country after a hiatus of 137 days. 

A steep hike in petrol and diesel prices comes in the backdrop of rising crude oil prices in global markets amid the Russia-Ukraine war. In early November 2021, crude oil was retailing at around $82. 

In contrast, in the first three weeks of March 2022, crude oil prices averaged $111 per barrel. The unprecedented rise in global crude prices is putting pressure on oil retails, which have already faced crores in losses for keeping petrol and diesel prices unchanged for more than four months. Also Read: Instagram brings changes to DM settings; check new updates

Credit rating agency Moody's noted in one of its recent reports that major fuel retailers such as the IOC, BPCL and HPCL incurred a massive loss of about Rs 19,000 crore in revenue between November 2021 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: After petrol and LPG price hike, electricity rates to increase in THIS state