Petrol, diesel price hike on cards? Here’s what govt said

NEW DELHI: With crude oil costs leaping to 14-year excessive amid the continuing Russia-Ukraine battle, speculations are excessive that oil advertising and marketing corporations (OMCs) in India may begin elevating gasoline costs step by step.
Union minister for petroleum and pure gasoline Hardeep Singh Puri on Tuesday mentioned oil corporations will decide the gasoline costs and warranted that there can be no scarcity of crude oil within the nation.
“I guarantee you all that there can be no scarcity of crude oil. We are going to guarantee that our vitality necessities are met, though 85 per cent of our necessities are depending on imports for crude oil and 50-55 per cent on gasoline,” Puri mentioned at a press convention.
There have been speculations that petrol and diesel costs could begin to rise after the discharge of state elections outcomes later this week.
Nevertheless, Puri refuted allegation that the gasoline costs had been decreased by the Centre earlier on account of elections and the charges can be hiked once more after the polls.
Puri mentioned the Centre had decreased Rs 5 per litre on petrol and Rs 10 per litre on diesel final yr, however “younger leaders” mentioned it was achieved due to the Meeting elections in 5 states, the outcomes of which can be introduced on March 10.
He mentioned individuals ought to pay attention to different circumstances such because the Ukraine-Russia disaster to grasp why the charges had been hiked globally.
“Oil costs are decided by international costs and there’s a war-like state of affairs in a single a part of the world and the oil corporations will issue that in. The oil corporations will themselves decide the costs. We are going to take selections in the most effective curiosity of the residents,” Puri mentioned.
Costs of petrol and diesel have remained steady since November, though Brent crude costs fell to $70 per barrel in December.
Earlier than November 2021, hovering pump costs had been a serious reason for concern for the customers because it scaled to document highs.
Nevertheless, costs eased after the federal government lower excise obligation on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. A lot of the states adopted go well with by decreasing the worth added tax (VAT) along with excise obligation, bringing the much-needed cheer to customers.
At current, petrol prices Rs 95.41 a litre in Delhi and Rs 109.98 in Mumbai. Diesel is priced at Rs 86.67 a litre in Delhi and Rs 94.14 in Mumbai.
Earlier within the day, CNG worth within the nationwide capital and adjoining cities was hiked by Rs 0.50 per kg.
CNG worth in NCT of Delhi has been elevated to Rs 57.51 per kg from Rs 56.51, in keeping with the knowledge posted on the web site of Indraprastha Fuel Ltd – the agency which retails CNG and piped cooking gasoline within the nationwide capital.
Following the firming up of worldwide gasoline charges, IGL has been elevating CNG charges by as much as 50 paise (Rs 0.50) per kg periodically. Costs have gone up by about Rs 4 per kg this yr alone.
Crude oil costs rose by Rs 37 to Rs 9,321 per barrel on Tuesday as individuals widened their positions on a agency spot demand.
On the Multi Commodity Trade, crude oil for March supply traded larger by Rs 37 or 0.4 per cent at Rs 9,321 per barrel in 9,660 heaps.
(With inputs from businesses)