Lagatar24 Desk
New Delhi, March 23: For the second day in a row, the retail price of petrol and diesel in Delhi was raised by 80 paise. In Delhi, a litre of petrol will now cost RS 97.01, while diesel will cost RS 88.27.
On Tuesday, state oil businesses boosted petrol and diesel prices by 80 paise a litre apiece, while household cooking gas LPG rates were increased by 50 per cylinder, ending a nearly four-and-a-half-month period of rate adjustment.
While LPG rates were last changed on October 6, 2021, petrol and diesel prices had been frozen since November 4 due to elections in five states, including Uttar Pradesh and Punjab.
Between July and October 6, 2021 LPG prices increased by about Rs 100 per cylinder, causing outrage.
The continuation of fuel price hikes has stoked fears of escalating inflation, which is already well above the 6% target. About 85% of India’s oil needs are met by purchases from other countries.
The Opposition parties were quick to criticise the government over the price hike, with the Congress, TMC, and Left forcing two adjournments of Rajya Sabha sessions on Tuesday.
The three major state-run corporations, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, dominate fuel sales and tend to alter their prices in lockstep. The oil companies appear to have returned to a daily price adjustment method.
The escalation in the Russia-Ukraine conflict has pushed up the price of benchmark Brent crude oil, putting pressure on state-owned fuel firms to raise retail prices.
