Petrol, diesel prices hiked, LPG cylinders will now cost Rs 50 more

In a move that comes along expected lines, petrol, diesel, and domestic cooking gas prices were hiked on Monday. Petrol and diesel went up by 80 paise a litre, while LPG was increased by Rs 50 per cylinder, reports claimed.

So how much do the costs amount to? Right now, a 14.2 kg LPG cylinder will cost Rs 949.50. In the case of petrol and diesel, in the national capital, petrol will cost Rs 96.21 (as opposed to Rs 95.41) per litre, and diesel will cost Rs 86.67 per litre (up from Rs 87.47).

Petrol and diesel prices hit the freeze button just as electioneering for five states including Uttar Pradesh picked up in early November 2021. The record 132-day freeze was despite the cost of raw material jumping from USD 81 per barrel to USD 130 per barrel.

It was anticipated that once the elections are over, state-owned fuel retailers will start adjusting the prices, which was as much as Rs 12 a litre below cost. But the rates haven't changed even after the outcome of the state polls, possibly not to give the opposition a handle amid the second half of the budget session that started on Monday.

The Congress has been accusing the BJP government of stalling the hike in fuel prices during elections and raising the prices soon after the polls are over. The assembly elections in five states, including Uttar Pradesh, started on February 10, and ended on March 7. The counting of votes took place on March 10.

Puri said international oil prices had gone up from USD 19.56 per barrel in 2020 to USD 130 per barrel earlier this month and are now down to USD 100 per barrel.