Petrol, diesel price hiked after 4 months, LPG price increased by Rs 50

After a four-month hiatus,  petrol and diesel prices were raised on Tuesday, by 80 paise per litre.  Petrol in Delhi will now cost Rs 96.21 per litre, up from Rs 95.41, while diesel prices will rise from Rs 86.67 to Rs 87.47.

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Petrol and diesel prices in Mumbai, the country’s financial hub, have risen to Rs 110.82 a litre and Rs 95.00 a litre, respectively. In Kolkata, petrol and diesel cost Rs 105.51 and Rs 90.62, respectively, and Rs 102.16 and Rs 92.19 in Chennai.

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The price hike means customers will pay less than 1% extra at the pump. The spike in crude oil prices has put enormous strain on the Indian economy. Inflationary, fiscal, and external sector concerns are posed by high crude oil prices. India’s budget forecasts for the fiscal year 2022-23 are based on crude oil prices ranging from $70 to $75 per barrel.

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In addition, the price of domestic cooking gas (LPG) has been hiked by Rs 50 per cylinder in response to a rise in international energy prices. In the national capital, a 14.2-kg non-subsidised LPG cylinder will now cost Rs 949.50.

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Previously, the price of diesel sold to bulk consumers was raised by around Rs 25 per litre to reflect an almost 40% increase in international oil costs.

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India, the world’s third-largest oil importer and consumer, imports around 85% of its oil requirements. Its domestic diesel and petrol prices are tied to international pricing for the two fuels, which rise in tandem with crude oil.