Petrol, diesel price on March 27: Fuel rates hiked by 55 paise per litre - Check citywise rates

In yet again blow for consumers, petrol and diesel prices were increased on Sunday (March 27). This is the fifth hike in six days when petrol price increased by 50 paise per litre while diesel rates were hiked by 55 paise per litre. 

With the latest revision, petrol costs Rs 99.11 per litre in Delhi, while diesel is priced at Rs 90.42 per litre in the national capital. In Mumbai, petrol and diesel prices are priced at Rs 113.81 and Rs 98.05 per litre, respectively. 

State-owned oil marketing companies increased petrol and diesel prices by 80 paise per litre on Saturday. The prices remained the same for almost 137 days until they started increasing from March 22.

Initially, petrol and diesel price were increased by 80 paise each by OMCs on March 22 and March 23. Prices remained the same on March 24 as companies did not announce any further hike.

Notably, government oil marketing companies can change the price of petrol and diesel daily based on the prices of crude oil which are released internationally. These include oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).

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As per reports by Moody's, fuel retailers IOC, BPCL and HPCL together lost around Rs 19,000 crore in revenue between November and March due to the consistency in diesel and petrol prices. The losses were huge as the price did not change in spite of a significant rise in crude oil prices.

The ongoing war between Russia and Ukraine is a prime cause of the rising prices of petrol and diesel. As the war is expected to continue further, oil marketing firms may increase fuel prices even more in the coming days.