India Increases Fuel Prices for Second Time in a Week as Retailers Face Heavy Losses
The second increase in a week comes as state fuel retailers seek to offset daily losses of 7.5 billion rupees, officials said.
- India raised petrol and diesel prices by about 0.9 rupees a litre on Tuesday, marking the second increase in a week as fuel retailers in New Delhi confirmed the hike to recover losses from high global crude prices.
- The move follows a three-rupee-per-litre increase last Friday, ending a four-year freeze on retail fuel price rises. Global oil prices briefly topped $120 a barrel, placing significant pressure on domestic markets.
- Sujata Sharma, joint secretary in the federal Oil Ministry, said state fuel retailers were incurring a daily loss of 7.5 billion rupees on Monday. The government currently has no plans to provide financial support to these retailers.
- State-Run Indian Oil Corp, Hindustan Petroleum, and Bharat Petroleum control over 90 per cent of 103,000 fuel stations. Analysts link the timing to recent election wins by Narendra Modi's Bharatiya Janata Party in two of four key states.
- India raised prices after the US-Israeli war on Iran caused the effective closure of the Strait of Hormuz, disrupting global oil supplies. Modi has urged people to limit travel to conserve fuel and curb buying gold.
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20 Articles
Devdiscourse
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India raises fuel prices again amid Strait of Hormuz disruptions
India raises fuel prices again amid Strait of Hormuz disruptions India has increased petrol and diesel prices for the second time in a week as disruptions in the Strait of Hormuz continue to strain global fuel supplies, Reuters reported on Tuesday. The government raised fuel prices by about 0.9 rupees per litre in an effort to offset losses caused by rising global crude oil prices. Following the latest increase, petrol prices rose to 98.64 rup…
India raises fuel prices by nearly a rupee in second hike within a week
New Delhi: India raised prices of petrol and diesel by nearly a rupee a litre on Tuesday, fuel retailers in Delhi said, as the government moves to recover losses incurred from high global crude prices.After the hike of roughly 0.9 rupees ($0.0093), petrol will cost 98.64 rupees a litre in Delhi while diesel will be at 91.58 rupees a litre, dealers said.Prices vary across the country because of regional taxes.The world's third-largest importe…
Petrol, diesel prices today: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata on 19 May after 90 paise/litre hike
Petrol and diesel prices were increased by up to 90 paise per litre on Tuesday, marking the second hike in less than a week amid elevated global crude oil prices.
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