Gasoline and diesel prices had been frozen in some states since November 4 ahead of general elections
Gasoline and diesel prices had been frozen in some states since November 4 ahead of general elections
Gasoline and diesel prices were both raised by 80 Paise a liter on March 23 for the second straight day since the end of a more than four and a half month pause in price revisions.
Gasoline in Delhi now costs ₹97.01 per liter compared to ₹96.21 previously, while diesel price has risen from ₹87.47 to ₹88.27, according to a price release from the state-owned fuel distributors.
A record 137-day hiatus in price revisions ended on March 22 with a price hike of 80 Paise per liter. Prices had been frozen since November 4 ahead of general elections in states like Uttar Pradesh and Punjab – a time when commodity (crude) prices rose by $30 a barrel.
The oil companies are now making up for the losses.
According to CRISIL Research, an increase of £15-20 per liter is needed to fully offset the rise in international oil prices. India relies 85% on imports to meet its oil needs.
