Fuel prices hiked after 137 days; LPG to cost Rs 50 more

After a break of 137 days, fuel prices hiked by 80 per litre on Tuesday. At the same time Domestic cooking gas prices hiked by Rs 50 more per cylinder. 

The retail price of petrol and diesel increased by 80 paise per litre, marking the first increase since December 1, 2021, while PTI reported that the price of domestic cooking gas increased by 50 per cylinder.  

In the national capital Delhi now, Petrol will cost Rs 96.21 per litre, while diesel will cost Rs 87.47 per litre. Petrol in Mumbai will now cost Rs 110.82 per litre, while diesel will cost Rs 95 per litre. New prices will come to effect from today.  

In Kolkata, petrol and diesel are now priced at Rs 105.51 and Rs 90.62 per litre, respectively, while in Chennai, fuel costs will be at Rs 102.16 and Rs 92.19 per litre. 

Meanwhile, sources claimed on Monday that the price of diesel sold to bulk users has risen by around Rs 25 per litre, a nearly 40% increase in international oil costs, although retail rates at petrol stations have remained steady. 

Domestic cooking gas (or LPG) prices raised by 50 per cylinder on Tuesday for the first time since early October, according to PTI, which cited sources.  

Retail fuel prices have risen for the first time since November and have remained steady in metro cities for the longest period since daily price revisions began in June 2017.  

However, with the conclusion of assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa, and Manipur, there was concern that petrol prices would rise.  

On November 4, 2021, the Centre reduced excise duty to provide relief from prices that had hit an all-time high. The government lowered the duty on petrol by 5 cents per litre and diesel by 10 cents per litre, resulting in a significant drop in fuel prices.  

The Delhi government later cut the value-added tax (VAT) on gasoline from 30% to 19.40% in December 2021. 8.56 cents per litre have lowered petrol prices in the national capital because of this.  

India imports over 85% of its oil, making it the third-largest oil importer and consumer in the world. The price of gasoline and diesel in the country is determined by the international costs of the two fuels, which fluctuate in lockstep with crude oil prices.  

Because of the intensification of the Russia-Ukraine conflict, benchmark Brent crude oil prices have climbed substantially to nearly $120 per barrel, putting pressure on state-owned fuel providers to raise retail prices.  

The three major state-run corporations, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, dominate fuel sales and alter their prices in lockstep. 

Published By :- Shubham Agarwal

Edited By:- Khushi Thakur