The retail price of petrol and diesel fuels in Delhi increased by 80 paise each from 6 am on Monday. The price for the Liquefied Petroleum Gas (LPG) or the cooking gas has been raised by Rs 50 per cylinder. The revision is the first one since December 1 2021.
On Tuesday, the price for one litre of petrol reached Rs 96.21 in Delhi, while the price for the same quantity of diesel increased to Rs 87.47, marking an increase of 80 paise in petrol from the previous price of Rs 95.41 on Monday, while diesel rates stood at Rs 86.67 per litre previously.
It is worth noting that the price revision for domestic cooking gas (or LPG) is for the first time since early October, and became dearer by Rs 50 per cylinder on Tuesday.
Since the daily retail price revision of fuels began in June 2017, the price has remained unchanged across metro cities for the most prolonged duration from November 2021, sources said.
It was already speculated that the fuel prices will rise once the assembly elections end in the five states, namely, Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.
The retail price of the fuels had reached all-time high levels, when the Central Government intervened and cut excise duty on November 4, 2021, so as to provide relief from the soaring prices. The excise duty on petrol was cut by Rs 5 per litre and on diesel by Rs 10 per litre, leading to a considerable reduction in the prices.
Again, in December 2021, the Delhi government went on to reduce the value-added tax (VAT) on petrol from 30 percent to 19.40 percent. As a result, the petrol prices in the national capital came down by Rs 8.56 a litre.
India is the world’s third-biggest oil importer and consumer where it imports around 85 percent of its cumulative oil requirements. The nation’s petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude oil prices.
As a result of the Russia-Ukraine conflict, the Brent oil prices have shot up to nearly 120 dollars per barrel, which in turn has pressurized the Indian state fuel companies to increase the retail prices.
The government had said the previous week that it was keeping a close watch on the evolving geopolitical developments in Europe and would make measured mediation to keep fuel prices under control so as to safeguard the interest of the common man.
It was reported a few days back that to negate the effects of fuel price rise on the economy; India was prospecting the likelihood of importing additional oil at discounted rates from Russia. Russia had offered India oil at discounted rates as it is facing a long list of sanctions from western countries due to its invasion of Ukraine.
Fuel Prices Across The Metros:
In Delhi, petrol now costs Rs 96.21, while Diesel is at Rs 87.47.
In Mumbai, the petrol price is Rs 110.82, while Diesel is at Rs 95.
In Chennai, the petrol price is Rs 102.16, while Diesel costs Rs 92.19.
In Kolkata, the petrol price is at Rs 105.51, while Diesel costs Rs 90.62.
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