Petrol prices in three metro cities of Mumbai, Chennai and Kolkata have gone up by almost 2 per litre between April 2 and April 5, 2022, touching record highs as state-owned fuel retailers hiked the rates again today by 80 paise for the 13th time in the past 15 days.
Meanwhile Petroleum Minister Hardeep Puri while reacting on fuel price hikes, defended the move, saying that the rise in India is one-tenth of prices raised by other countries.
In India the price hike has just been 5 per cent while in the US and France, it has been 50 per cent each, the minister said.
Giving the data of fuel price hikes effected by other countries, Mr Puri said that Canada has raised them by 52 per cent, Germany and UK by 55 per cent each, while Spain has raised prices by a huge 58 per cent.
Petrol prices are the highest in Mumbai among the four metro cities, where it is being sold at Rs 119.67 per litre. On April 2, petrol was selling at Rs 117.57 per litre in the financial capital of the country.
Similarly in Chennai, petrol is selling at Rs 110.09 per litre today, while on April 2, it was selling at Rs 108.21 per litre. In Kolkata too, petrol rates have gone up almost by Rs 2 a litre. On April 5, it is being sold at Rs 114.28 per litre, whereas on April 2 the price in Kolkata was Rs 112.19 per litre.
Between March 22 and April 5, fuel prices have been raised by Rs 9.20 per litre across the four metro cities.
Fuel rates were kept on hold for over four months between November 4, 2021 and March 22, 2022 despite the spike in crude oil prices.
Here are the petrol and diesel price across the metro cities:
|Source: Indian Oil|
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.
Globally, oil futures rose today as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions. Brent crude futures were up $1.58, or 1.5 per cent, to $109.11 a barrel, while U.S. West Texas Intermediate futures were up $1.61, or 1.6 per cent, to $104.89 a barrel.