Petrol, diesel prices remain unchanged for 5th consecutive day
The general public can breathe a sigh of relief as fuel prices in India remained unchanged for the fifth consecutive day on Monday. Both petrol and diesel rates were last raised by 80 paise/liter on Wednesday, bringing the total hike in the cost over the last two weeks to Rs. 10/liter. Petrol in Delhi currently costs Rs. 105.41/liter, while diesel costs Rs. 96.67/liter.
- Evidently, the hike in fuel prices, which began on March 22 after the conclusion of the Assembly elections in five states, has been burning a hole in commoners' pockets.
- Ever since, except for the last five days, there were only two days—March 24 and April 1—when the prices remained stable.
- Notably, fuel prices are rising due to an increase in global crude oil prices.
After Wednesday's price revision, the petrol rate in Mumbai stood at Rs. 120.51/liter, and diesel price at Rs. 104.77/liter. The prices of petrol and diesel in New Delhi stood at Rs. 105.41/liter and Rs. 96.67/liter, respectively. In Kolkata, petrol and diesel rates stood at Rs. 115.12/liter and Rs. 99.83/liter, respectively. In Chennai, petrol and diesel currently retail at Rs. 110.85/liter and Rs. 100.94/liter, respectively.
Meanwhile, Union Minister Smriti Irani was caught off guard on Sunday on a Delhi-Guwahati flight when Netta D'Souza, the All India Mahila Congress's acting president, questioned her about the rise in fuel prices. "Faced Modi Minister @smritiirani ji... When asked about unbearable rising prices...she blamed vaccines, Raashan & even the poor! Do watch...how she reacted to common people's misery!" D'Souza tweeted alongside a video.
Early Asian trading saw oil prices fall for the second week in a row after world consumers announced plans to release crude oil from strategic stocks. Brent crude was down 38 cents to $102.40 per barrel, while the US crude was down 16 cents to $98.18 a barrel. These benchmarks have been at their most volatile levels since June 2020 for several weeks.
Notably, fuel prices in India were frozen by state-owned retailers on November 4—ahead of five state Assembly elections—when the crude oil cost had risen by about $30/barrel. Kotak Institutional Equities earlier said that to compensate for losses, oil marketing companies "will need to raise diesel prices by Rs. 13.1-24.9/liter and petrol prices by Rs. 10.6-22.3/liter at an underlying crude price of $100-120 per barrel."