PETROL, DIESEL PRICES TO RISE FURTHER: KNOW IN DETAIL

(The Quiver) : Petrol and diesel prices saw a rise on Tuesday after a gap of four months, increase in retail fuel prices comes for the first time since November as oil marketing companies (OMCs) increased the prices of both fuels by about Rs 0.8 per litre.

The price of petrol increased to Rs 96.21 per litre in the national capital and the price of diesel rose to Rs 87.47 per litre. As per the reports of PTI, OMCs also increased the price of LPG by Rs 50 per cylinder, bringing the price of a 14.2 kg cylinder to Rs 949.5 in the capital.

The prices of both petrol and diesel are expected to rise further as crude oil prices have increased sharply due to the Russia-Ukraine conflict. The price of Brent crude oil has increased by 40 per cent to $114.2 per barrel, up from $81.6 barrel, according to OMCs last revision on fuel prices. But earlier speculations were done , that fuel prices might rise as assembly elections have ended in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.

India imports about 85 per cent of its crude oil requirements ,making it the world’s third-biggest oil importer and consumer. The country’s local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices.