diesel rates

Fuel prices have seen another significant jump, with petrol and diesel costs rising by Rs 2.61 and Rs 2.71 per litre respectively. This marks the fourth increase in under two weeks, pushing cumulative hikes close to Rs 7.5 per litre. Consumers face mounting pressure as import costs climb due to global crude oil prices and a weaker rupee.

CNG prices in Delhi have seen their fourth hike in under 15 days, increasing by Rs 2 per kg. This follows recent increases in petrol and diesel rates, with Delhi petrol crossing Rs 100 per litre. These consecutive hikes are expected to raise transport costs and potentially impact inflation.

The successive hikes come after an extended period during which retail fuel prices remained unchanged, despite higher global crude prices, shrinking refining margins, and weakness in the rupee significantly increasing import costs.

Indraprastha Gas Limited (IGL) has announced another Re 1 per kg hike in CNG prices, marking the fourth increase in under two weeks. This brings Delhi's CNG rate to Rs 80.09 per kg.

Transporters, Delivery Workers Face Losses

Petrol and diesel prices saw a significant increase of 87-91 paise per litre on Saturday, marking a cumulative rise of nearly Rs 5 in under 10 days. This hike by state-owned oil companies reflects rising international crude prices, tightening refining margins, and a weaker rupee, which have escalated import costs.

Farmgate Rates Crash Even As Retail Prices Stay Firm

Fuel prices in Lucknow have surged for the fifth time since mid-May, with petrol now costing Rs 101.89 per litre and diesel Rs 95.36. This cumulative increase of over Rs 7 in both fuels is impacting transportation and household budgets across all 75 districts of Uttar Pradesh. Consumers are feeling the pinch of these repeated hikes.

The All India Motor & Goods Transport Association (AIMGTA) has called on the central government to lower petrol and diesel prices. They argue that the significant drop in international crude oil prices, from $104 to $90 per barrel, should be reflected domestically. This reduction, they state, is crucial to alleviate pressure on the transport sector and curb rising inflation.

Every Re 1 hike in petrol, diesel, CNG, and LPG costs feeds into inflationary pressures in the economy, and also indirectly impacts discretionary spending, hence hitting growth channels.

Kutch And Botad Outpace State In Diesel Consumption

Transport Costs May Go Up Further: Vendors

Finance Minister Nirmala Sitharaman stated that reducing fuel excise duties would cost Rs 1 lakh crore, emphasizing India's need for confidence over fearmongering amidst rising petrol and diesel prices. She highlighted the resilience of India's domestic economy despite global pressures on fuel, fertilizer, and forex, urging focus on these "three Fs".