Petrol Diesel Prices Explained 2022: Petrol, diesel retail prices increased. What next?

Given that crude oil prices have gone up by about $38 a barrel since November, retail fuel prices are bound to rise, although the increases may be gradual and the entire burden may not be passed on to consumer

Oil marketing companies increased retail prices of petrol and diesel on March 22 after they were unchanged for 137 days even as crude oil rose sharply

Petrol and diesel prices were raised by over 80 paise a litre and industry experts expect them to be increased further

Petrol now costs Rs 110.78 a litre and diesel Rs 94.94 per litre in Mumbai. In Delhi, petrol will be sold at Rs 96.21 per litre, while diesel will be available at Rs 87.47 per litre

However, the price increase did not surprise the market. Here’s a look at why the auto fuel price increase was expected and what could lie ahead

Why was the increase in fuel prices expected? = Indian Oil, Bharat Petroleum and Hindustan Petroleum typically revise retail petrol and diesel prices daily, based on the rolling average of international benchmark prices over the past 15 day

While prices of fuel sold to bulk consumers and aviation turbine fuel were raised, retail prices of petrol and diesel were left unchanged for almost 137 days even though crude oil prices had risen sharply

Petrol prices were previously increased on November 2, a day after diesel prices were last raised. On November 4, the government cut the excise duty on petrol by Rs 5 per litre and on diesel by Rs 10 per litre. Crude oil prices were at about $80 a barrel at that time

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