New Delhi: Nearly after three-and-half months, the Indian oil companies have increased the petrol and diesel price by 80 paise per liter each in Delhi from Monday.

Due to five states elections, the centre has put on hold the fuel price hike. The last fuel price was revised on December 1, 2021. Now along with petrol and diesel, LPG price was hiked by Rs.50 per cylinder, PTI said.

In Delhi, the liter of petrol hike by Rs. 96.21, the diesel price increased to Rs. 87.47 per liter. The earlier rate of Petrol and diesel was Rs. 95.41 and Rs.86.67 per liter respectively.

The last revision of LPG gas was in October, but suddenly Rs. 50 increased per cylinder. After much hue and cry from the public for a steep increase in fuel price, the Centre has reduced the petrol and diesel price was reduced by Rs 5 per liter, while diesel price was lowered by Rs 10 per liter on December 22. Earlier petrol price was crossed Rs. 100 in Delhi and diesel price was somewhere in Rs. 97.  

The Delhi government in December 2021 had reduced the value-added tax (VAT) on petrol from 30 percent to 19.40 percent. With this, petrol prices in the national capital were slashed by Rs. 8.56 per liter.

India imports about 85 percent of its oil needs, making it the world's third-biggest oil importer and consumer. The country's local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices.

The benchmark Brent crude oil prices have risen sharply to nearly $120 per barrel on the escalation in the Russia-Ukraine conflict and have put pressure on state fuel companies to increase the retail prices.

However Russia has offered India crude oil at cheaper rates. Indian oil refineries have started procuring crude oil from Russia.

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - the three big state-run companies - dominate fuel retailing and tend to move their prices together.

Reuters had reported late on Monday that retail fuel prices were to rise from Tuesday for the first time after a 4-month hiatus, citing two dealers, with one of them adding that there could be a regular increase in pump prices, NDTV reported.

Still, the latest price increase means consumers will pay less than 1 percent more at the pump, despite a substantial increase in global oil prices since the conflict in Ukraine began last month and a falling Indian rupee, the Reuters report stated.

The government last week said it was keeping a close watch on evolving geopolitical developments and would make 'calibrated interventions' to keep fuel prices under control "to safeguard the interest of the common man."