The fuel prices were hiked again on Monday, March 28, 2022. The cost of petrol witnessed a hike of 30 paise while diesel by 35 paise per litre. This streak of consecutive price hikes has reached its sixth day in a week.
Here is a look at the timeline of the hike in fuel prices:
Beginning on March 22, Tuesday: The Oil marketing companies(OMC) went back to their old ways hiking the prices for both fuels by about 0.80 paise. Besides the hike in fuel prices, the consumers had to suffer through increased Gas prices. The cost of Liquified Petroleum Gas (LPG) was increased by ₹50 per cylinder, bringing the non-subsidised cylinder’s worth to ₹949.50 in New Delhi. It is the first increase in LPG cylinders this year, and the price has largely remained unchanged since October last year. The hike in fuel prices was widely expected since the declaration of election results on March 10, 2022.
On March 23, Wednesday: The consumers woke up with more burden on their wallets after they hiked the price for the second day. Another price hike was done for both fuels, with the hike remaining the same at 0.80 paise as yesterday. Pushing the price of petrol in Delhi to a litre of petrol in Delhi will now cost RS 97.01, while petrol price has been raised from ₹97.01, and diesel price has been raised to ₹88.27.
March 24, Thursday: The day turned out to be a less disappointing day for the citizens, as no new price hike was announced. Interestingly, there was no change in price between November 2021 and March 2022, as the government had paused the state-owned oil companies from the daily revision of price hikes. Many believe the reason could include the state assembly elections scheduled in five states (Uttar Pradesh, Uttarakhand, Goa, Manipur, and Punjab). The BJP-led central government won in four out of the five states.
March 25, Friday: Fuel prices increased by 0.80 paise, starting the streak of price hikes. According to the credit agency, Moody’s state fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited ( HPCL) have lost a total of around 20,000 Crore due to the stable Oil prices during the four months.
March 26, Saturday: With the ongoing weekend, another news of price hike hit the wallets of the everyday consumer, as another 0.80 paise price hike was announced for both the fuels pushing the prices in the national capital to ₹98.61 per litre while diesel is ₹89.97 per litre.
March 27, Sunday: No respite was provided to the customers even on a Sunday, yet another hike for straight three days was announced, this time for about 0.55 paise. The Oil companies have blamed the high crude prices on the ongoing Ukraine Russia conflict. Adding fuel to the fire over the weekend was news of attacks on facilities of Aramco in Saudi Arabia by the Houthi rebels.
March 28, Monday: It was the sixth time in 2022 that the price hike was announced as another 30 paise for petrol, and the oil companies would charge 35 paise for diesel. With the latest fuel price updates, petrol will be sold at ₹99.41 per litre in Delhi and diesel at ₹ 90.77.
