Fuel price up by Rs 10 in 16 days; petrol crosses Rs 120 in Mumbai

Petrol, diesel prices are further up as rates increased by 80 paise per litre each on Wednesday. With this fresh round of hike, there has been a net increase of Rs 10 per litre in 16 days.

Price of petrol and diesel in Delhi reached at Rs 105.41 per litre and Rs 96.67 per litre respectively on Tuesday (increased by 80 paise). In Mumbai, petrol and diesel prices per litre are at Rs 120.51(increased by 84 paise) and Rs 104.77 (increased by 85 paise).

This is the 14th increase in prices since the ending of a four-and-half-month-long hiatus on March 22.  Petrol prices have gone up by Rs 10 per litre since. Rates have been increased across the country and vary from state to state, depending upon the incidence of local taxation.

Union petroleum minister Hardeep Singh Puri said that the fuel price hike in India was only 5 per cent between April 2021 and March 2022, despite the Russia-Ukraine war having impacted crude oil prices across the world Fuel prices have increased over 50 per cent in some other developed and developing nations in the aftermath of the war, he added.

"We are not the only country impacted by the war," the minister said, adding that petrol prices have gone up by over 50 per cent in countries like the US, the UK, Canada, Germany, and Sri Lanka.

The Centre has been facing the heat from opposition parties over the non-stop rise in petrol and diesel prices. On Tuesday, Aam Aadmi Party's Sanjay Singh took a jibe at the Centre over the rising fuel prices saying that by "80-20" the BJP meant that they will increase the price of petrol-diesel by 80 paise each for 20 continuous days.

On Monday, crude oil prices rose by Rs 34 to Rs 7,593 per barrel as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for April delivery traded higher by Rs 34 or 0.45 per cent to Rs 7,593 per barrel in 4,117 lots.