The steep hike in petrol prices evoked mixed reactions with a section of industry saying the move would further burden the comman man even as policy makers and experts felt the increase would benefit the economy in the long run.
Rather than complaining about the rise in petrol prices, Aditya Prasad suggests some really simple steps to deal with it.
Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise, taking the total increase in rates in the last one week to Rs 4-4.10 per litre. Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from midnight on Friday.
Diesel, which is sold at Rs 53.67 a litre in Delhi, will cost Rs 53.77 after the hike in commission.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
On Friday govt increased the petrol price by Rs 1.40 a litre.
Petrol price has been hiked by Rs 1.82 a litre, excluding taxes, with effect from midnight tonight.
Petrol price on Sunday was hiked by 50 paise a litre and diesel by 55 paise, taking the total increase in rates since resumption of daily price revision less than a week back to Rs 3.70-3.75 per litre. Petrol in Delhi will now cost Rs 99.11 per litre as against Rs 98.61 previously while diesel rates have gone up from Rs 89.87 per litre to Rs 90.42, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
While petrol prices are de-controlled, diesel prices are partially deregulated.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai.
Petrol and diesel prices on Friday touched an all-time high across the country after rates were hiked for the third consecutive day by 35 paise per litre each. The price of petrol in Delhi rose to its highest-ever level of Rs 106.89 a litre and Rs 112.78 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.63 a litre, while in Delhi, it costs Rs 95.62 per litre.
India's consumption stocks, which have outperformed the broader market, are now facing significant pressure due to a gradual rise in fuel prices and the potential for higher inflation. Analysts warn that companies may be forced to pass on increased input costs to consumers, potentially hurting demand across both staples and discretionary categories, with a looming threat of deficient monsoon rainfall further exacerbating inflationary concerns.
This is the fourth increase in rates in six weeks
While RBI is still battling rising inflation, it now has the tough task of managing inflation in the light of increased petrol prices.
Oil companies on Thursday again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier.
Petrol price on Thursday was hiked by 35 paise per litre and diesel by 15 paise, pushing rates to a new high across the country. Petrol in Delhi now costs Rs 101.54 a litre and diesel Rs 89.87 per litre, according to a price notification of state-owned fuel retailers. The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, on a day when diesel rates had seen its first reduction in almost three months. The increase on Thursday neutralised the 16 paise price cut in diesel on July 12.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
A party MP speaking on the condition of anonymity said that such steep hikes will be damaging for the party and that a number of MPs particularly those from Lok Sabha are "unhappy" with it as they will have a tough time in their constituencies explaining the move.
Following the increase, petrol in Delhi will cost Rs 68.64 a litre.
This is the third increase in two months
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
Petrol and diesel prices on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
So what do you think of this increase in the price of petrol? What do you think can be done to register a protest against such huge hikes? How do you plan to tackle or beat this increase? Tell us.
Opposing the steep hike in petrol prices and spiralling prices of commodities, National Democratic Alliance has called for a nation-wide bandh on May 31.
Petrol price has been reduced four times since March.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
The government will look into the issue of revising the petrol and diesel prices in view of the steep increase in international crude oil prices, the new Minister for Petroleum and Natural Gas Mani Shankar Aiyar said on Monday.
Union Finance Minister Nirmala Sitharaman has warned that the ongoing West Asia crisis is not merely a geopolitical issue but will directly lead to higher fuel costs for common people and businesses, impacting shipping, input availability, and export orders.
This is the fourth increase in auto fuel prices since May 1
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
Amid growing street protest and unease in the party over the steep hike in petrol prices, Congress on Thursday hinted at a partial rollback as Oil Minister S Jaipal Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel.
Indian oil marketing companies are incurring significant losses, selling petrol at a Rs 14 per litre loss and diesel at Rs 18 per litre, as elevated global crude oil prices, exacerbated by the West Asia crisis, outpace capped retail fuel rates, according to rating agency Icra.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
Pakistan has significantly increased the price of high-octane fuel, impacting luxury vehicle owners, while also seeing increases in petrol, diesel, and airline fares due to rising global oil prices.
Petrol price hiked by 60 paise per litre, diesel by 50 paise.
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