Petrol has breached the Rs 100 per litre mark today in Delhi, after the country witnessed the seventh hike in fuel prices since March 21. The price of petrol was hiked by Rs 80 paise per litre, while diesel, at Rs 91.47 per litre, saw an increase of Rs 70 paise per litre.
The price of petrol in Mumbai is now Rs 115.04 per litre, after a Rs 85 paise hike, while diesel stands at Rs 99.25 per litre, after an increase of Rs 74 paise.
Crude oil prices fall internationally
Fuel prices in India are being hiked despite crude oil prices falling globally. Crude oil fell to $112 per barrel – a 4 percent drop – as the city of Shanghai in China imposed fresh lockdowns due to rising COVID-19 cases. The situation was also helped by the peace talks between Russia and Ukraine showing progress.
China is a major consumer of crude oil and the shutdown is likely to erode local demand for energy.
Prices rise after four month pause
There had been a pause in the revision of fuel rates since November 2021, but with Russia's invasion of Ukraine, fuel prices have started rising again.
Fuel rates were hiked on March 28 too – petrol by Rs 50 paise per litre and diesel by Rs 55 paise per litre. As India imports nearly 85 percent of its energy needs, a slight fluctuation in the prices internationally would have an impact here too.
What are your thoughts on the rising fuel prices? Let us know in the comments below.
Uday Singh
Lenny D'sa
Dipan Sur
Glenn Noronha
