Fuel prices continue to soar in India, 12th hike in two weeks
Petrol price
The cost of fuel continued to soar in India, with diesel and petrol prices hiked 40 paise per litre—the twelfth hike in two weeks.
In the national capital Delhi, petrol will now cost Rs 103.81 per litre, while diesel will be sold at Rs 94.67 per litre, according to a price notification of state fuel retailers.
In the financial hub Mumbai, the petrol price has shot up to Rs 118.83 per litre, while the diesel rate has been increased to Rs 103.07.
Rates have been increased across the country and vary from state to state, depending upon the incidence of local taxation.
With Monday’s hike, the compound increase in the last 14 days amounts to Rs 8.40 per lire.
The fuel prices had remained the same for four and a half months from November 2021 till the third week of March.
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In November last year, when the petrol and diesel prices were at an all-time high, the government had slashed excise duty on fuel to bring relief to the consumer’s pocket.
Meanwhile, the fuel prices are expected to rise again considering the sharp jump in crude prices in the international markets following the Russian invasion of Ukraine.
At present, India imports nearly 85 per cent of its crude oil requirements.
Moody's Investors Services last month stated that state retailers together lost around US $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period. Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of US $100- 120 per barrel," according to Kotak Institutional Equities.
(With inputs from agencies)