Fuel prices in India rise by ₹3 per liter
Fuel just got pricier: gasoline and diesel have gone up by ₹3 per liter for the first time since the West Asia conflict began.
In Delhi, gasoline now costs ₹97.77 and diesel is at ₹90.67 per liter; prices are even higher in cities like Kolkata and Chennai due to local taxes.
CNG users in Delhi-NCR aren't spared either, with a ₹2 per kg hike kicking in from Friday.
Oil companies still losing money
This jump comes after global crude oil prices shot up (from $73 to $118 a barrel) and the rupee took a hit against the dollar, making imports more expensive.
Even with these price hikes, oil companies are still losing money on every liter sold: about ₹10 to ₹12 on gasoline and nearly ₹40 on diesel.
The government has added a windfall tax on gasoline exports but eased some levies elsewhere to keep supplies steady.
Not surprisingly, opposition leaders say this move hurts regular folks, while the ruling party argues it's needed given global pressure.