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    Home / News / Business News / Petrol, diesel prices hiked again; CNG gets costlier in Delhi
    Petrol, diesel prices hiked again; CNG gets costlier in Delhi
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    Business 3 min read

    Petrol, diesel prices hiked again; CNG gets costlier in Delhi

    By Abhishek Hari
    Edited by Abhishek Sharma
    Apr 06, 2022
    12:19 pm
    Petrol, diesel prices hiked again; CNG gets costlier in Delhi
    The prices of petrol and diesel have risen by Rs. 10/liter in the last 16 days, while CNG has risen by Rs. 6.6/kg in the last five days.

    Fuel prices were raised again by 80 paise/liter on Wednesday, the 14th such increase in 16 days. Petrol and diesel prices have risen by Rs. 10/liter in the last 16 days, following a four-and-a-half-month hiatus in rate revision that ended on March 22. Meanwhile, the price of compressed natural gas (CNG) was hiked in Delhi by Rs. 2.5/kg.

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    Why does this story matter?

    Evidently, the hike in fuel prices, which started on March 22, is burning a hole in commoners' pockets. Out of 16 days, only on two days--March 24 and April 1--the prices had remained stable. Notably, fuel prices are rising due to the sky-rocketing price of crude oil in the international market.

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    How much does CNG cost in India's major cities?

    The following are the current CNG retail rates in major cities as of Wednesday. Rs.66.61/kg in Delhi (as per Indraprastha Gas Limited) Rs.69.18/kg in Noida, Greater Noida, and Ghaziabad Rs.73.86/kg in Muzaffarnagar, Meerut, and Shamli Rs.74.94/kg in Gurugram Rs.76.98/kg in Gujarat (as per Gujarat Gas Limited) Rs.75.27/kg for Karnal Rs.78.40/kg in Kanpur, Hamirpur, and Fatehpur Rs.76.89/kg in Ajmer and Pali

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    How much does fuel cost in major cities?

    Following Wednesday's price revision, the petrol rate in Mumbai is now Rs. 120.51/liter and diesel costs Rs. 104.77/liter. In Kolkata, petrol and diesel rates stood at Rs. 115.12/liter and Rs. 99.83/liter, respectively. In Chennai, petrol and diesel now retail at Rs. 110.95/liter and Rs. 101.14/liter, respectively. The price of petrol and diesel in Delhi is Rs. 105.41/liter and Rs. 96.67/liter, respectively.

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    India's fuel price hike was only 5% : Oil Minister

    According to Union Petroleum Minister Hardeep Singh Puri, despite the impact of the Russia-Ukraine conflict on crude oil prices around the world, India's fuel price hike was only 5% between April 2021 and March 2022. As a result of the war, fuel prices have risen by more than 50% in some developed and developing countries, he added.

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    Petrol prices increased by over 50% in other countries: Puri

    The Oil Minister said on Tuesday, "We are not the only country impacted by the war," adding that "petrol prices have gone up by over 50% in countries like the US, the UK, Canada, Germany, and Sri Lanka."

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    Opposition attacks government

    Opposition parties have been attacking the government over the never-ending rise in petrol and diesel prices. On Tuesday, Sanjay Singh of the Aam Aadmi Party (AAP) slammed the Centre over rising fuel prices, claiming that with the "80-20" remark during the UP elections, the BJP meant that they would raise the price of petrol and diesel by 80 paise each for 20 days.

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    Oil companies need to raise petrol prices by Rs. 10.6-22.3/liter

    Notably, prices were frozen by state-fuel retailers on November 4—ahead of five state assembly elections—when the cost of crude oil has risen by about $30/barrel. As per Kotak Institutional Equities, to compensate for losses, oil marketing companies "will need to raise diesel prices by Rs. 13.1-24.9/liter and petrol prices by Rs. 10.6-22.3/liter at an underlying crude price of $100-120 per barrel."

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