Petrol crosses Rs 100/litre mark in Delhi after 80 paise hike
Business | Mar 29, 2022, 08:39 AM ISTPrices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.
The state-owned oil marketing companies (OMC) hiked the fuel prices again on Sunday for the fifth time in the last six days.
Ending of a four-and-half-month long hiatus, fuel rates were revised first on March 22 this year.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.
Earlier on Tuesday, the central government had hiked the prices of petrol and diesel prices by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder.
Chief Minister Charanjit Singh Channi made the announcement while addressing the media after the cabinet meeting. "We are reducing petrol rate by Rs 10 per litre and diesel rate by Rs 5 per litre from midnight," CM Channi said.
"Akali workers today conducted a political surgical strike on CM Charanjit Channi by succeeding in gherao of his residence," Sukhbir Singh Badal said today.
The petrol and diesel prices in the national capital today are Rs 110.04 and Rs 98.42 per litre respectively
The Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.
The Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.
The central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.
On Monday, a source said the Ministry of Petroleum and Natural Gas recently raised concerns about the matter of pricing, supply and demand of oils to the major oil-producing countries.
The minister said Assam is among states that have the least VAT (value-added tax) on petrol.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
Petrol and diesel prices are revised by the oil marketing companies. Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
Diesel price was raised on Friday as well by 20 paise per litre which oil marketing company sources said was based on the global price movement of the fuel.
This cut in fuel prices had come amid declining global crude oil prices. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $65.18.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
The price of petrol was hiked by 28 paise per litre and diesel by 26 paise, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs 97.50 a litre, while diesel is now priced at Rs 88.23 per litre.
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