State-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum currently sell petrol, a commodity which the government freed from its control in June last year, at a discount of about Rs 4.50 a litre to its imported cost.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
Petrol currently costs Rs 72.51 per litre in Delhi.
The government's decision to pass on the rise in oil prices to consumers not only inflates their petrol and diesel bills, it also fuels concerns over a possible economic recession, analysts said.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
Centre and state governments are steadily increasing excise duties and value-added tax
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
With a high-powered ministerial panel on fuel pricing being scrapped, a cabinet committee may consider raising the prices of diesel, LPG and kerosene, Oil Minister S Jaipal Reddy indicated on Wednesday but refused to say when the issue would be taken up.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
Celerio's 793-cc diesel engine is the smallest in the market.
Petrol, diesel, LPG and kerosene prices are unlikely to be revised immediately as the Congress-led Government, which is yet to assume office
Left leaders Sitaram Yechury and A B Bardhan on Thursday shared dais with Bharatiya Janata Party's Nitin Gadkari and Murli Manohar Joshi at a demonstration against FDI in retail and hike in diesel prices.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
This is the fourth increase in auto fuel prices since May 1
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
Underrecovery from sensitive petroleum products seen at Rs 1,55,000 cr in current fiscal.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
Making a case for increasing prices of petroleum products and deregulating diesel prices, the Reserve Bank on Monday said these steps are necessary to contain fiscal slippages and arrest decline in growth.
On December 5, the government had announced a Rs 5 per litre and Rs 2 a litre reduction in petrol and diesel prices, respectively, as global crude prices hovered around four year lows.
This is the third reduction in rates this month
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
The goverment on Wednesday ruled out any increase in petrol and diesel prices despite international crude oil prices touching an all-time high.
In June, the government had decontrolled petrol, causing a hike of Rs 3.5 per litre, and increased diesel prices by Rs 2 a litre, LPG by Rs 35 a cylinder and kerosene by 3 a litre -- amid protests by opposition parties.
Government earlier this month cut petrol price by Rs 5 a litre and diesel by Rs 2 per litre as crude oil prices dipped from an all-time high of $147 a barrel in July to under $45 a barrel. Even after the price cut, public sector oil firms were making a profit of Rs 9.98 on sale of every litre of petrol and Rs 1.03 per litre on diesel.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
Cooking gas price was on Saturday hiked by Rs 11.42 per cylinder following government decision to raise commission paid to the dealers.
Days after saying that there is no need for subsidies to achieve greater penetration of electric vehicles (EVs), Union Minister of Road Transport and Highways Nitin Gadkari on Monday clarified that the view is his own, but any official call on EV subsidies is not one that he can take.
Actual reduction in price will be more after taking into account local VAT.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
The Cabinet Committee on Economic Affairs on Wednesday deferred a decision on the package on pricing and distribution of sensitive petroleum products.
While petrol prices are de-controlled, diesel prices are partially deregulated.
Cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rate this month following the firming of international energy rates. Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, up from Rs 999.50 previously, according to a price notification of state-owned fuel retailers. This is the second increase in LPG rate this month and the third in less than two months. The price was hiked by Rs 50 per cylinder on March 22 and again by the same quantum on May 7.
Petroleum ministry has sought an increase of Rs 2.50 per litre in petrol and Rs 1.30 per litre in diesel prices in line with hike in tax rates announced in Budget and asked oil firms to bear the impact of surge in global oil prices.
Kejriwal charged that the BJP toppled Manipur, Bihar, Assam, Madhya Pradesh and Maharashtra governments.
No change in retail prices as oil marketing firms to absorb increase
One of the challenges on diesel engine is refinement.
The government on Friday ruled out an immediate increase in petrol and diesel prices in line with rise in international oil prices.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
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