Fuel Price in 16 Days ₹10, Petrol in Delhi above ₹105/Lit

With the latest hike, there has been an overall increase in fuel prices 10 in the national capital in the last 16 days.

In Mumbai, petrol prices are high 120.51 per liter, while the price of diesel 104.77 per litre.

On Tuesday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri told the Lok Sabha that in the backdrop of Russia-Ukraine conflict, petrol prices in India have increased by only 5% compared to over 50% in some developed countries.

Noting that economies across the world have been hit by the war and global supply chains have been disrupted, Puri said, “We are not the only country affected by the war.”

The minister said fuel prices have increased by more than 50 per cent in many countries including the US, UK, Canada, Germany and Sri Lanka. “Our percentage increase is 1/10 compared to elsewhere.”

High global crude oil prices have a direct impact on India’s economy as the country imports more than 85% of its energy requirements.

Crude oil futures were mixed on Wednesday, recovering from early losses, as the threat of new sanctions on Russia heightened supply concerns, US crude stockpiles and weak demand following a build-up in Shanghai’s extended lockdown. Faced with fears.

At 0945, the Brent June exposure on the Intercontinental Exchange was trading at $106.80 a barrel, up 0.15% from the previous close. West Texas Intermediate’s May contract was marginally lower at $101.88 a barrel on the NYMEX.

Ravindra Rao, Head of Commodity Research at Kotak Securities, said, “Crude came under pressure as the European Union once again decided to avoid any direct restrictions on Russian crude or natural gas exports. Weighing in on the price is the API report that includes the US. Unprecedented growth has been observed in crude oil stocks.”

Prices have been impacted by a resurgence in Covid cases in China, supply risks and tight US and global stocks providing a strong support, he said. “Crude range may remain negative to negative ahead of inventory report, although supply risks may hold a floor for prices.”