New Delhi/ Chennai: Petrol and diesel prices have been increased by 76 paise per litre from today. This hike has come after 137 days.
Also, the price of domestic cooking gas (LPG) was hiked by Rs 50 per cylinder in line with a spike in international energy prices, sources said.
Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel rates have gone up from Rs 86.67 per litre to Rs 87.47. In the country’s financial capital Mumbai, the petrol and diesel prices have increased to Rs 110.82/litre and Rs 95.00per litre, respectively. As for Kolkata and Chennai, petrol and diesel cost Rs 105.51 and Rs 90.62 and Rs 102.16 and Rs 92.19 respectively in Chennai.
Despite a jump in global crude oil prices that exceeded the three-figure mark and reached multi-year highs earlier this month as a result of the Russia-Ukraine crisis, crucial motor gasoline prices in India have not altered in over four months.
Petrol prices were slashed by Rs 5 and diesel by Rs 10 in November last year, which according to many, was a deliberate move by Centre keeping in mind the Assembly elections in the five states including Uttar Pradesh.
Crude oil prices went up by 25 percent since the last hike in November. Last week, OMCs increased diesel prices for bulk users by Rs 25/litre, while the aviation fuel was already up 50 percent since January.
According to reports, the latest price increase means consumers will pay less than 1 per cent 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 rise in crude oil prices put huge pressure on the Indian economy. High crude oil prices pose inflationary, fiscal, and external sector risks.
Reports also said petrol pump sales increased by a fifth this month after bulk users such as bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the typical practise of ordering directly from oil firms, extending retailers’ losses.