Petrol, diesel prices hiked once again; Raise rates to ₹5.60/litre in 9 days

This was the eighth hike in nine days, leading to a cumulative increase in domestic fuel prices during the period. 5.60 per litre.

Petrol prices hit record 110.04 per liter in November 2021, while diesel . reached an all-time high of 98.42 per liter in Delhi, before the Center reduced excise duty on transport fuel.

increase in fuel prices Experts said that is likely to continue in April, as the gap between domestic retail prices and global oil prices is very high.

Global oil prices jumped again in Asian trading on Wednesday as investors assessed Russia’s easing outlook for the war in Ukraine, which entered its second month and stirred markets around the world. Futures in New York climbed above $105 a barrel after falling more than 8% in the past two sessions.

Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd. said, “Oil prices were trading down on Tuesday as it appears that Ukraine and Russia have made some progress in their peace talks, but oil prices have suffered. Because the API reports large crude inventory draws.”

According to data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas, the Indian crude oil basket, including Oman, Dubai and Brent crudes, stood at $112.41 a barrel on 30 June.

Oil prices play a major role in India’s economy and budget arithmetic as the country imports about 85% of its energy requirements.

Finance Minister Nirmala Sitharaman on Tuesday said the “unprecedented” hike in oil prices is a major challenge.

Concerns have also emerged over a slowdown in the economic recovery as India’s inflation rate has been high of late, above the tolerance level of 6% set by the Reserve Bank of India. The Consumer Price Index, which reflects retail inflation, stood at 6.07% in February.