Fuel Prices Today On March 30: Rates Hiked Again; Diesel Crosses Rs. 100/l in Mumbai

Petrol and diesel rates on March 30, 2022 have again been hiked by 80 paise each, taking the total hike in over a week to Rs. 5.6 per litre. As per the price update by oil marketing companies, in Delhi petrol now costs Rs. 101.01 as against Rs. 100.21 per litre previously, while diesel shall be available for Rs. 92.27 per litre.

Fuel Prices Today On March 30: Rates Hiked Again; Diesel Crosses Rs. 100/l in Mumbai

In Mumbai, petrol today costs 84 paise more and is priced at Rs. 115.88 while diesel is priced 85 paise higher at Rs. 100.1. In Chennai, the new rates for petrol and diesel are Rs. 106.69 and Rs. 96.76 per litre, respectively.

This is the eighth increase in rates ever since fuel rates have seen an upward revision beginning March 22, 2022.

FM Sitharaman says 'unprecedented' hike in oil prices a major challenge

Speaking over the discussion on the Appropriation Bill and the Finance Bill in Rajya Sabha, the country's FM said that the unprecedented hike in oil price pose a major challenge for Indian economy. The statement by the FM is made in the backdrop of relentless hike in retail fuel rates amid rising crude rates internationally. Since the Russian invasion of Ukraine, crude rates internationally have climbed to multi-year high levels. Furthermore, high oil prices pose threat of increased inflation and current account deficit that may hit the country's economic growth.

International crude oil rates

Brent crude traded higher by over 1% at $111.8 per barrel, while WTI also traded with gains of over 1% at $105.7 per bbl as of writing this copy at around 6:35 am (IST). The commodity is said to have recouped losses after the American Petroleum Institute (API) reported large inventory draw of 3 million barrels as against analyst estimates of a 1.558 million barrel draw.