Petroleum Pump image for PETROL price HIKE IN india
After petrol, diesel reaches the price of ₹100 per litre.
For the first time, diesel prices have surpassed the ₹100 thresholds, following petrol costs. After state-run oil marketing companies (OMCs) upped transportation fuel rates on Saturday, diesel was selling for ₹100.05 a litre in Ganganagar, Rajasthan.
In comparison, petrol in Ganganagar costs ₹107.22 per litre. With state-run oil marketing companies hiking prices in Delhi on Saturday, petrol and diesel were selling at record highs of ₹96.12 per litre and ₹86.98 per litre, respectively, at Indian Oil Corporation Ltd outlets in the national capital.
Since the results of the Assembly elections in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry were released on 2 May, petrol and diesel prices have risen by ₹5.72 and ₹6.25, respectively, after holding stable.
This is emerging against the backdrop of a worldwide crude oil price increase. India, the world's third-largest oil importer, is particularly susceptible since any increase in global prices will have an impact on its import bill, raise inflation, and worsen the trade imbalance.
On June 10, the Indian basket of oil, which includes Oman, Dubai, and Brent oil, was trading at $71 a barrel. According to statistics from the oil ministry's Petroleum Planning and Analysis Cell, crude prices for India's basket of crude fell to $19.90 per barrel in April last year during the first wave after the Covid-19 outbreak, before rebounding to $66.95 per barrel in May.
In 2019-20, India paid $101.4 billion on crude oil imports, up from $111.9 billion the previous year. With a total installed capacity of about 249.36 million tonnes per annum (mtpa) and 23 refineries, it is a major refining centre in Asia.
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