Due to the 40% rise in international oil prices, the price of diesel has been hiked by Rs 24 per litre but you won’t have to worry about paying more
As the ongoing fuel crisis continues, there has been a near 40 per cent rise in international oil prices. In turn, the price of diesel has been hiked by about Rs 25 per litre. However, this increase is applicable to bulk users. The retail rates at petrol pumps remain unchanged, barring a small increase. This was expected as the elections have been concluded in different parts of the country. Customers have been purchasing in advance, leading to a surge in sales this month.
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Till Sunday, retail pump prices were still steady. However, now they have risen twice in two days (by 80 paise per litre) for both petrol and diesel. This is the first increase in petrol pump price hike after four months. The reason for this jump is the incessant rise in crude oil prices and increasing under-recoveries for OMCs. Over the last two years, fuel prices have been steadily increasing in India. However, there was a freeze on the price for the past four months. This has been attributed to the ongoing polls in five states, including politically significant Uttar Pradesh. As a result, oil marketing companies suffered huge losses.
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Currently, a litre of petrol in Delhi costs Rs 97.01, while diesel is available at Rs 88.27. In Mumbai, Kolkata and Chennai, these are available at Rs 111.67 and Rs 95.85, Rs 106.34 and Rs 91.42, and Rs 102.91 and Rs 92.95, respectively. As India imports 85 per cent of its oil demand, the prices are likely to go further up. In turn, we are about to witness big inflation. Experts claim that the international geopolitical crisis could push India’s domestic prices of petrol and diesel up by Rs 15-22 per litre.
