For the fourth consecutive day, oil marketing companies (OMCs) increased the prices of petrol and diesel by 86 paisa and 85 paisa per litre, respectively on Saturday. On March 22, fuel prices were revised for the first time after a gap of nearly four months.
With the price revision, petrol price per litre has now reached Rs 111.09 paisa at Kalimela in Malkangiri district. Diesel price stood at Rs 100.61 paisa per litre in Kalimela. Similarly, petrol is being sold at Rs 104.55 paisa and diesel at Rs 94.29 paisa per litre in Bhubaneswar.
“Today, petrol and diesel prices have been hiked again, for the fourth time, by 80 paise a litre. With an increase of Rs 3.20 in just five days, petrol price in Malkangiri of Odisha has reached Rs 110.78/litre,” tweeted Odisha PCC president, Niranjan Patnaik.
Till Tuesday, the fuel prices were steady since November 2021 when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. The OMCs revised the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel, among others.
Resultantly, the final price includes excise duty, value added tax and dealer's commission. It was widely expected that the OMCs will revise the current prices due to high crude oil cost. Lately, crude oil prices have been volatile surging by nearly 35-40 per cent on fear of tight supplies.
(With IANS Inputs)