- On Wednesday, the price of petrol and diesel increased even further, bringing the total rise to Rs.10 per litre.
- Since the end of a four-and-a-half-month rate revision hiatus on March 22, 2022, this is the 14th hike in fuel prices.
- India relies on imports for 85 percent of its oil needs, and domestic petrol and diesel prices are tied to international rates.
Today, petrol and diesel prices were both increased by 80 paise per litre, bringing the total jump to Rs. 10 per litre in 16 days.
According to a price announcement from state fuel retailers, petrol in Delhi will now cost 105.41 per litre, up from 104.61 yesterday, while diesel prices will rise from 95.87 per litre to 96.67.
Petrol will cost 120.51 per litre in Mumbai, while diesel will cost 104.77 per litre.
Below is the list of petrol and diesel prices in major cities:
Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas, defended the fuel price hike on Tuesday, comparing it to that of other countries and claiming that India’s increase was “only 5%.” against 50% in developed countries.
“Fuel prices hiked in India are 1/10th of the change of prices in other countries. Comparing gasoline (petrol) prices between April 2021 and March 2022, the prices in the United States of America (USA) have increased by 51 per cent, Canada by 52 per cent, Germany by 55 per cent, the United Kingdom (UK) by 55 per cent, France by 50 per cent, Spain 58 per cent but in India only 5 per cent,” Mr Puri in Lok Sabha.
Puri emphasized that the conflict has affected economies throughout the world and disrupted global supply chains, saying, “We are not the only country impacted by the war.”
Fuel costs have risen by more than 50% in numerous nations, including the United States, the United Kingdom, Canada, Germany, and Sri Lanka, according to the minister. “Our increase in percentage is a tenth of what it is elsewhere.”
Because India imports over 85 percent of its energy, high global crude oil prices have a direct influence on the Indian economy.
Crude oil prices were mixed on Wednesday, rebounding from early losses, as the threat of fresh sanctions against Russia raised supply concerns, countering fears of weaker demand as a result of a rise in US crude stockpiles and Shanghai’s extended lockdown.
This is the 14th price rise since the end of a four-and-a-half-month rate revision hiatus on March 22.