Fuel prices on March 22: Check out petrol, diesel rates in Mumbai, Delhi and other cities

Petrol in Kochi will cost Rs 105.18 per litre and diesel Rs 92.40 per litre, while in Thiruvananthapuram, a litre of petrol will cost Rs 106.36 and diesel Rs 93.47.

This was the first fuel hike since November 3, 2021, when the Centre took its deepest excise duty cut ever to cool retail prices from record highs. It reduced the duty on petrol by Rs 5 and on diesel by Rs 10 and many states and union territories followed to give further relief to consumers.

The government raised the bulk diesel prices by Rs 25 a litre last week and aviation fuel is up 50 percent since January.

The price hike was much-anticipated after the election results were out, on March 10, however, in the light of the second half of the Budget Session, the measure may have been delayed. The latest price hike implies consumers will have to pay more for fuel, but still, the increase is less than 1 percent of the per litre price that is prevalent right now.

LPG prices also hiked

Prices of domestic liquefied petroleum gas (LPG) cylinders has also been hiked by over Rs 50 in Delhi, Mumbai and other cities from today, March 22.

According to the new rates, the cost of a 14.2-kg non-subsidised LPG cylinder has been increased by Rs 50 to Rs 949.50 per cylinder; while the cost of a 19-kg LPG cylinder’s price is slashed by Rs 58 to Rs 1,954.50 per cylinder In Delhi.

This is the first price hike for the 14.2-kg LPG cylinders since October 2021.

Consumer’s view

Citizens are unhappy with the price hike. A Delhi resident told ANI, “Every day the prices of petrol and diesel are increasing and the middle class is affected. I request the government to control the prices and think about the middle-class people.”

One commuter who travels daily to Meerut said his monthly budget will be affected. “I have to go to Meerut every day. Now the price hike will affect my monthly budget. The price hike will affect our expenses," he said.

Another Delhi resident, Manish pointed to lack of corresponding salary hikes. “There is no increment in our salary and inflation is rising every day. Now the fuel prices are also hiked. Earlier the prices were less, so we used to manage," he noted.

Also Read | Oil rallies as EU debates possible ban on Russian crude imports

Geopolitical influences

In the international markets, crude oil prices have gone past $100 a barrel fuelled by the Russian invasion of Ukraine. Oil prices touched a high of $140 per barrel, over the supply uncertainties over the Ukraine crisis. India is world's third largest consumer of oil, and over 85 percent of the requirement is met from imports.

Oil futures extended gains on March 22 morning on news that some European Union members are considering imposing sanctions on Russian oil, and as attacks on Saudi oil facilities sent jitters through the market, Reuters reported.

Front-month West Texas Intermediate futures were up $2.21, or 1.97 percent, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26 percent, to $118.23 a barrel on the Intercontinental Exchange at 0014 GMT. Both contracts had settled up more than 7 percent on March 21 as the potential for more supply disruptions weighed on the market.

Closing price for crude oil

Benchmark United States crude oil for April delivery rose $7.42 to $112.12 a barrel on March 21. Brent crude for May delivery rose $7.69 to $115.62 a barrel.

Wholesale gasoline for April delivery rose 13 cents to $3.37 a gallon. April heating oil rose 20 cents to $3.80 a gallon. April natural gas rose 4 cents $4.90 per 1,000 cubic feet.

(With inputs from Reuters and The Associated Press)