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Fuel prices remain unchanged

New Delhi: Fuel prices remained unchanged on Wednesday. According to the price notification of Indian Oil Corporation, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.

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In Mumbai, a litre of petrol is available at Rs 120.51 while diesel at Rs 104.77. In Chennai, a litre of petrol costs Rs 110.85 while diesel Rs 100.94. In Kolkata, the price of a litre of petrol is Rs 115.12 while diesel is Rs 99.83.

The fuel prices were on freeze since November 4, 2021, but the daily revision resumed on March 22 after a record 137 days gap. Today is the seventh consecutive day when the prices have remained unchanged this month. Earlier the prices were not revised on Apr 1. Petrol and diesel prices were increased by 3.60 per litre in the national capital this month.

Petrol and diesel prices across the country vary depending upon local taxation and freight charges. The central government also collects excise duty from them. Russia’s Ukraine invasion and escalating sanctions have hampered oil flows across the globe. 

fuel prices remain
India is 85 per cent dependent on imports for meeting its oil needs

The fall in the benchmark prices have been triggered by a combination of factors. Worries over demand from China slowing down as the world’s largest importer struggles with a resurgence in Covid-19 cases, a fractured Europe continuing to buy Russian oil weighed on the market. The dollar’s appreciation after a hawkish stance from the US Federal Reserve contributed further by driving traders away from oil, considered a high-risk commodity.

Previously, finance minister Nirmala Sitharaman also underlined a link between the price of fuel in the international market and the outbreak of the war.

Despite the ministers’ attempted explanations the government has faced significant backlash from opposition parties over the surge in fuel prices. Congress leaders have accused the BJP-led government at the centre of ‘tax-gouging’, ‘torturing the public’ and ‘profiteering’, while MPs from the Shiv Sena, the Trinamool, and other political outfits have attacked the government for ‘filling their coffers’.

India Blooms News Service

 

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