According to PTI, since the gasoline price review began on March 22, petrol and diesel rates have climbed by Rs 5.60 per litre. Due to differences in value added tax and freight charges, fuel prices vary by state.
While oil marketing corporations in India manage fuel prices, it has been noted that rates remain stable before elections and then rise when the results are announced.
Finance minister Nirmala Sitharaman had on Tuesday defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and therefore the resultant increase in global oil prices thanks to the war in Ukraine was a “couple of weeks” phenomenon.
Replying to a debate on appropriation and finance bills in Rajya Sabha, she defended the handling of inflation but acknowledged the continued war in Ukraine posed fresh challenges, including higher oil prices, and disruptions in supply chains.
Prices of petrol and diesel continued to rise across the country for the eighth time in nine days with prices up by 80 paise on Wednesday, March 30 in Delhi. This followed an identical 80 paise revision in prices for petrol and a 70 paise hike in price for diesel on Tuesday.
Today’s fuel price hike marks the eighth price revision within the last nine days which has seen petrol and diesel prices climb by ₹ 5.60 per litre since oil companies rolled back on the fuel freeze on March 22.
Following Tuesday’s price hike, petrol in the capital crossed the 100 per litre level for the first time since November 2021, with prices now at 101.01 per litre for petrol and 92.27 per litre for diesel.
In Mumbai, India’s financial capital, gasoline prices increased by 84 paise for petrol and 85 paise for diesel, with the latter exceeding the 100 per litre threshold for the first time since October last year.
As of Wednesday morning, petrol was selling for 115.88 a litre in Mumbai, while diesel was selling for 100.10 per litre.
In Bangalore petrol retailed for ₹ 106.46 per litre with diesel at ₹ 90.49 per litre while prices in Chennai for an equivalent stood at ₹ 106.69 and ₹ 96.76 per litre respectively.
In Kolkata the price of petrol touched Rs 110 per litre, resting at ₹ 110.52 per litre.
Diesel retailed at ₹ 95.42 per litre.
Fuel prices in India have remained on the boil with just one day of respite (read no price revision) within the last nine days. Prices for the fuels have seen some notable daily revisions of up to 80 paise per litre – the very best reported daily hike in prices since India moved to the daily fuel system .
Rates are increased across the country and vary from state to state depending upon the incidence of local taxation.
This is the nineth price rise since the end of a four-and-a-half-month rate revision break on March 22.
Prices of petrol in India are adjusted to support a variety of things including the worldwide price of crude and exchange rates. For now, we could expect an extra upward trend in petrol and diesel prices with crude facing demand-supply related issues within the past few months.
Published By: Manan Khurana
Edited By: Subbuthai Padma