Continuing upwards journey: Fuel prices in India !

New Delhi, April 6: Petrol and diesel prices increased on Wednesday again. 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, an increase by 80 paise each. In Mumbai, a litre of petrol is available at Rs 120.51 per litre while diesel is at Rs 104.77, an increase of 84 and 85 paise respectively. In Chennai, a litre of petrol costs Rs 110.85 while diesel is 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 record 137 days hiatus ended on March 22 with an 80 paise per litre increase in rates of petrol and diesel. The oil companies have been increasing petrol and diesel prices since then except on March 24 and April 1, 2022. This is the 14th hike in the past 16 days.

Although fuel prices in neighboring Sri Lanka have skyrocketed over the last one week, following political turmoil and declaration of emergency, Indian economy has sufficient scope for absorbing these shocks. India is negotiating cheaper crude from Russia, which could bring a halt to the upwards journey of petrol and diesel prices soon.