Petrol and gasoline prices have risen by 80 paise per liter.

Petrol and diesel prices were raised by 80 paise per liter on Friday, the third increase in four days as oil companies recuperate costs by maintaining rates prior to the recently finished assembly elections.

According to a price notification issued by state fuel dealers, petrol in Delhi will now cost Rs 97.81 per liter, up from Rs 97.01 before, and diesel rates would rise from Rs 88.27 per litre to Rs 89.07.

The increases are the biggest in a single day since the daily price revision began in June 2017.

A record 137-day rate revision pause ended on March 22 with an 80-paise-per-liter increase in rates, with similar proportion hikes following in the following days.

Prices had been frozen since November 4 in advance of assembly elections in provinces such as Uttar Pradesh and Punjab, during which time the cost of raw material (crude oil) had risen by USD 30 a barrel.

The fee hike was scheduled to take effect soon after the conclusion of the assembly elections on March 10, but it was postponed.

Oil firms are finally making up for their losses.

According to Moody's Investors Services, gasoline retailers IOC, BPCL, and HPCL collectively lost roughly USD 2.25 billion (Rs 19,000 crore) in revenue as a result of holding petrol and diesel prices during elections in five states.

According to Kotak Institutional Equities, oil companies "would need to boost diesel prices by Rs 13.1-24.9 per liter and gasoline (petrol) prices by Rs 10.6-22.3 per liter at an underlying crude price of USD 100-120 per barrel."

According to CRISIL Research, a Rs 9-12 per liter increase in retail pricing is required for a 100% pass-through of an average crude oil price of USD 100 per barrel, and a Rs 15-20 per liter increase is required if the average crude oil price goes to USD 110-120.

Because India is 85 percent reliant on imports to meet its oil needs, retail prices adjust in accordance with global movements.