Indian state fuel retailers will raise petrol and diesel pump prices by 8 paise per litre from Tuesday. The rate of petrol and diesel prices were hiked in India on Tuesday after a gap of four months. The price of both petrol and diesel was hiked by 80 paise per litre.
The rate of petrol in the country’s capital Delhi is Rs 96.21 per litre today while that of diesel is Rs 87.47 per litre. 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. The latest price increase means consumers will pay less than 1% 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. India’s budget calculations for the financial year 2022-23 have been made with an assumption of crude oil price of $70 to $75 per barrel.
Earlier, the price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 percent rise in international oil prices. The price of petrol and diesel in Delhi at Rs 96.21 per litre and Rs 87.47 per litre respectively today.
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India, the world’s third biggest oil importer and consumer, ships in about 85% of its oil needs from overseas markets. Its local diesel and petrol prices are linked to international prices of the two fuels, which directionally follow increases in crude oil prices.
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