India sees first fuel price hike in 4 months. Cooking gas costlier too
In the first hike in four months, the fuel prices have been raised in India. Diesel and petrol prices have been hiked by 80 paise. It was in November when the country saw the last fuel price surge. The domestic cooking gas (or LPG) is set to be costlier by ₹50, according to news agency PTI.
A litre of petrol in Delhi will now cost ₹96.21 and diesel will be sold at ₹87.47 per litre. A 14.2-kg non-subsidised LPG cylinder will now cost ₹949.50 in the national capital. The cooking gas costs were last revised in October.
In Mumbai, India's financial capital, the petrol and diesel prices have increased to ₹110.82/litre and ₹95.00/ litre, respectively. Fuel prices in Chennai and Kolkata have also been increased. In Chennai, it is 102.16 per lire for petrol and ₹92.19 per litre for diesel. Kolkata will sell petrol for 105.51 per litre and diesel for 90.62 per litre.
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Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are the major fuel retailers in India.
The latest price increase means consumers will pay less than 1% more at the pump, despite a substantial increase in global oil prices since the conflict in Ukraine began last month, and a falling Indian rupee, a Reuters report said, adding that the country ships in about 85% of its oil needs from overseas markets.
The local diesel and petrol prices are directly linked to international prices, which directionally follow increases in crude oil prices.
(With inputs from Reuters, PTI, ANI)