On Friday, petrol and diesel prices were raised by 80 paise per litre, the third increase in four days. According to a price notification from state fuel dealers, the price of petrol and diesel in Delhi has been hiked by 80 paise to Rs 97.81 per litre and Rs 89.07 per litre, respectively.
Oil companies, who failed to raise petrol and diesel prices for a record 137 days despite crude oil (the raw material used to make gasoline) prices climbing to USD 117 per barrel from USD 82 in early November, are now gradually passing on the required rise to customers.
Petrol and diesel rates per litre in Mumbai are Rs 112.51 and Rs 96.70, respectively (increased by 84 paise & 85 paise respectively). In Chennai, fuel costs Rs 103.67 and diesel costs Rs 93.71 (up 76 paise), while in Kolkata, petrol costs Rs 106.34 (up 84 paise) and diesel costs Rs 91.42 (up 76 paise) (increased by 80 paise).
According to CRISIL Research, a 100% pass-through of an average USD 100 per barrel crude oil will require a 9-12 per litre increase in retail pricing, and a 15-20 per litre increase if the average crude oil price climbs to USD 110-120.
