Petrol prices hit record high in 3 metros, minister says hike amount less than other nations


Petrol prices hit record highs in Mumbai, Chennai and Kolkata

Petrol prices in three metropolitan cities of Mumbai, Chennai and Kolkata rose by almost 2 per liter between April 2 and April 5, 2022, reaching record highs as state-owned fuel retailers again raised fares today by 80 paise for the 13th time in the last 15 days.

Meanwhile, Oil Minister Hardeep Puri, while reacting to rising fuel prices, defended the move, saying the rise in India is a tenth of the prices seen by other countries.

In India, the price increase was only 5%, while in the United States and France it was 50% each, the minister said.

Giving the data on fuel price hikes made by other countries, Puri said Canada had raised them by 52%, Germany and the UK by 55% each, while Spain had raised prices by 58%.

Petrol prices are the highest in Mumbai among the four metropolitan cities, where it is sold at Rs 119.67 per litre. On April 2, gasoline was selling at Rs 117.57 per liter in the country’s financial capital.

Similarly in Chennai, petrol is selling at Rs 110.09 per liter today, while on April 2 it was selling at Rs 108.21 per litre. In Kolkata too, petrol prices have increased by nearly Rs 2 per litre. On April 5, it is sold at Rs 114.28 per litre, while on April 2 the price in Kolkata was Rs 112.19 per litre.

Between March 22 and April 5, fuel prices were increased by Rs 9.20 per liter in the four metropolitan cities.

Fuel prices were maintained for more than four months between November 4, 2021 and March 22, 2022 despite soaring crude oil prices.

Here is the price of gasoline and diesel in metropolitan cities:

State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices daily, taking into account crude oil prices in international markets and rupee-dollar exchange rates. Any changes to gasoline and diesel prices are implemented with effect from 6 a.m. daily.

India is 85% dependent on imports to meet its oil needs and domestic gasoline and diesel prices are tied to international rates.

Globally, oil futures rose today as the possibility of further sanctions following alleged war crimes committed by Russian troops in Ukraine added to concerns over supply disruptions . Brent crude futures were up $1.58, or 1.5%, at $109.11 a barrel, while US West Texas Intermediate futures were up $1.61, or 1. 6%, to $104.89 a barrel.

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