In Between March 22 and April 6, 2022, domestic oil supply companies had increased both fuels by about Rs 10, but oil prices have been stable since the 6th. However, in the crude oil market, Brent crude oil has remained consistently above the rate of $ 100 per barrel. The rates of petrol and diesel were hiked by 80 paise each litre on April 6th resulting in a total increase of Rs 10 per litre in the past 16 days.
The rates of petrol and diesel remained constant for 28 consecutive days adding Wednesday. Since the end of a four-and-a-half-month long hiatus in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 per litre each via 14 revisions. Since the 6th of April, the prices of oil are running stable. However, in the crude oil market, Brent crude oil has remained consistently above the rate of $ 100 per barrel. After the opening of the Asian market on Wednesday, May 4, 2022, the price of crude oil registered a sharp rise. Amid supply concerns, the European Union is preparing for new sanctions on Russia, its effect is visible on oil prices.
In the early hours of this morning, Brent crude futures rose 0.9 per cent and its price was recorded at $105.87. At the same time, WTI Crude Future registered a gain of 1 per cent and its price was recorded at $103.41. There have been 14 increases in prices in 17 days since the ending of a four-and-half-month long hiatus in rate revision on March 22.
The prices were increased by 80 paise per litre on the first four occasions, the steepest single-day rise since June 2017. The domestic prices of fuel oil are revised every day according to the prices of the international crude oil market in the country. These new prices are applicable every day at 6 am. You can find out the cost of fuel even sitting at home. To know the price of oil sitting at home, you have to send an SMS to mobile number 9224992249 under Indian Oil Message Service. Your message will be ‘RSP-Petrol Pump Code’. You will get this code from this page of Indian Oil.
City Petrol Diesel
Delhi 105.41 96.67
Kolkata 115.12 99.83
Mumbai 120.51 104.77
Chennai 110.85 100.85
Source: Indian Oil
