Prices of petrol and diesel started rising as soon as the election in the 5 states got over as prices were stable for 137 days when the elections were going on. Petrol and diesel prices have been hiked for the fourth time in the last five days. On Saturday, oil companies hiked petrol and diesel prices by 80-80 paise. Petrol is now available at Rs 98.61 / liter and diesel at Rs 89.87 / liter in Delhi. Earlier on March 22, 23, and 25, it had increased by 80-80 paise.
The last five days in March have been inflationary. LPG and CNG-PNG prices have been hiked since March 22, while petrol and diesel prices have been rising steadily.
Experts View: Recently, Rating Agency the Moody’s released a report stating that India’s top fuel retailers IOC, BPCL, and HPCL lost revenue of about 2. 2.25 billion (Rs 19,000 crore) between November and March. “We expect the government to allow refiners to raise prices to avoid losses,” the rating agency said. On a two-day hike of 80-80 paise, Moody’s said this indicates that petrol and diesel prices will rise slowly, not simultaneously.