Petrol, diesel prices to witness another hike tomorrow; check latest fuel rates

New Delhi: Petrol and diesel prices will again witness a slight hike on Thursday (March 31). Litre petrol or diesel will attract 80 paise more than the rates on Wednesday, March 30, 2022. 

With the latest revision, petrol will retail at Rs 101.81 per litre in Delhi. Also, the per litre price of diesel will increase by another 80 paise to Rs 93.07 in the national capital on March 31. 

In the last few days, oil marketing companies have increased petrol and diesel prices on several days. Since March 22, the day when fuel retailers re-started the daily revision of fuel prices, petrol prices have been increased by Rs 6.40 per litre. Diesel rates have also witnessed an almost similar hike with a minute difference of a few paisas. 

Oil marketing companies had re-started the daily revision of fuel prices after a hiatus of 137 days on March 22, 2022, even though they were expected to hike rates after the counting of votes of state elections on March 10, 2022. 

The halt in petrol and diesel price revisions coupled with rising prices of oil in the global markets was causing massive losses to state-owned and private oil retailers in the country. The small daily increases will provide them with some respite. 

Moody's had recently noted in one of its reports that fuel retailers IOC, BPCL and HPCL lost around Rs 19,000 crore in revenue between November last year and March 2022 by not changing petrol and diesel prices despite a sharp rise in crude oil prices in global markets. Also Read: Visa enters the world of NFTs, to help digital-first creators

Petrol and diesel rates in the country had witnessed no change 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. Also Read: PAN card to become inoperative after March 2023 if not linked to Aadhaar card, says CBDT