Petrol and diesel prices on March 23 were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision.
Petrol in Delhi will now cost ₹97.01 per litre as against ₹96.21 previously while diesel rate has gone up from ₹87.47 per litre to ₹88.27, according to a price notification of State fuel retailers.
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates. 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 $30 per barrel.
Oil companies are now recouping the losses.
According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. India is 85% dependent on imports to meet its oil needs.
