On Wednesday, the retail price of petrol and diesel in Delhi increased by 80 paise each. This is the second day in a row that the prices have gone up.
In Delhi, a liter of petrol now costs RS 97.01, and the price of diesel has risen to RS 88.27.
It took more than four-and-a-half months for state oil companies to change gasoline and diesel prices. On Tuesday, the prices of LPG, which is used for cooking food at home, went up by 50 rupees per cylinder.
On October 6, 2021, LPG prices were changed for the first time. Petrol and diesel prices had been frozen since November 4, when five states went to the polls, such as Uttar Pradesh and Punjab.
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Between July and October 6, 2021, the price of LPG had gone up by about 100 per cylinder. This caused a lot of people to be angry.
Fears have been raised that the resumption of fuel price hikes will raise inflation, which is already above the government’s goal of 6%. India buys most of its oil from countries outside of India.
Some of the opposition parties quickly pointed out that prices had gone up and that the government should do something about it. On Tuesday, the Congress, TMC, and Left parties called two adjournments in the Rajya Sabha.
The price of Brent crude oil has gone up a lot because of the conflict between Russia and Ukraine. This has put a lot of pressure on state-owned fuel companies to raise the prices they charge customers.
People who buy fuel usually buy it from the three big state-owned companies: Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. They all tend to raise their prices at the same time.
The Oil Companies appear to have returned to a daily price adjustment mechanism.
