Petrol crosses ₹100 mark in Delhi, ₹115 in Mumbai
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Petrol and diesel rates were hiked again on Tuesday, taking the price of one litre of petrol to ₹100.21 in Delhi.
While petrol prices were hiked by 80 paise, diesel rates were raised by 70 paise, according to a price notification by state-run fuel retailers.
This is the seventh hike in fuel prices in the past eight days. On the first four occasions, prices were increased by 80 paise a litre. On the following days, petrol price went up by 50 paise and 30 paise a litre while diesel rose by 55 paise and 35 paise a litre.
With the fresh hike, petrol prices have jumped by ₹4.80 per litre.
In Mumbai, a litre of petrol now costs ₹115.04, while diesel is being sold at ₹99.25. Fuel prices are the highest in Mumbai compared to other metros.
In Chennai, one litre of petrol will now cost ₹105.94 and a litre of diesel will cost ₹96. In Kolkata, it's ₹109.68 per litre for petrol and ₹94.62 per litre for diesel.
The price hike comes at a time when Brent crude – the international benchmark – is hovering over $110 a barrel amid supply concerns due to the Russia-Ukraine war.
India imports around 85% of its annual oil requirement.
Fuel prices were kept on hold amid assembly elections in states like Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
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The rising crude prices are expected to severely impact India's foreign exchange outgo, fiscal deficit and inflation numbers.
The steep rise in crude oil prices can cost the government over ₹1 lakh crore in the next financial year if the Centre continues to levy the reduced taxes on petrol and diesel, SBI Research had said in a report.
"If crude oil prices are at an average of $100/bbl., inflation is likely to increase by 52-65 basis points," the report said. "Every $10/bbl increase in Brent crude price will lead to an increase in inflation by 20-25 bps."