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Fuel price hike in India after 137 days, Russia-Ukraine conflict to be blamed

Nagpur: The fuel prices have been raised in India after 137 days. Diesel and petrol prices have been hiked by 80 paisa on Tuesday. The domestic cooking gas or the LPG, too, has become costlier by Rs 50.

This will be the first hike after prices remained unchanged since November 4, 2021. A litre of petrol in Delhi will now cost Rs 96.21 and diesel at Rs 87.47. In Mumbai, the petrol will cost Rs 110.82 and diesel at 95.

What could be the possible reason for the hike in fuel prices in India?

Speculations rife that the fuel prices rose as assembly elections have ended in Uttar Pradesh, Punjab, Goa, Manipur and Uttarakhand, with BJP winning majority of the states.

However, as per reports, the main reason due to the price hike in the country is due to a rise in crude oil prices. The oil prices are at an all-time high after Russia invaded Ukraine.

India imports about 85% of its oil needs, making it the world’s third-biggest oil importer and consumer. The country’s local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices.

The crude oil prices have risen sharply, nearly $115 per barrel, mainly due to the Russia-Ukraine conflict. The on-going conflict has put pressure on the state fuel giants– Indian oil corporation, Bharat petroleum Corporation and Hindustan petroleum corporation to increase the prices.

The latest price rise in the fuels mean that the common man will be paying less than 1% extra more at the pump, despite a substantial increase in global oil prices since the conflict in Ukraine began last month.

In the latest, the crude oil prices jumped by more than $4 on Monday with Brent crude climbing above $111 a barrel. The development comes after the EU considered joining the US in the Russian oil ban. Prices are likely to move higher ahead of talks between the European Union and US President Joe Biden in a series of summits that aims to harden the West’s response to Moscow over its invasion of Ukraine.

DRISHTI SHARMA

DRISHTI SHARMA

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