Petrol, diesel prices hiked in India after 4 months
Fuel prices have risen in India for the first time since November 2021. The price of petrol and diesel has increased by 80p per litre across the country. This hike was some time coming, given the all-time highs crude oil prices have seen globally.
Petrol, diesel prices in India
As of March 22, petrol now costs Rs 110.82 and diesel Rs 95.00 in Mumbai. In Delhi, petrol is price at Rs 96.21 while diesel costs Rs 87.47. The price of petrol has risen to Rs 102.16 and diesel to Rs 92.19 while in Kolkata the prices of petrol and diesel are now Rs 105.51 and Rs 90.62. The last hike came between November 1-2 where prices of petrol and diesel rose by 35p.
Why have fuel prices risen?
The fuel prices ae risen to offset the soaring prices of crude oil in the global market after the Russian invasion of Ukraine. Russia is the world's second-largest producer of oil and sanctions in response to its invasion of Ukraine have led to fears of a global oil shortage. Inida is one of the largest oil imprters in the world, importing 80 per cent of its needs, which has also added to fears of inflation rising to above the 6 per cent threshold set by the RBI. With oil prices having risen 40 per cent over the last four months, fuel prices are expected to increase gradually from now on to bridge the deficit.