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    Fuel price hike: Petrol, diesel rates increased by over 80 paise amid rising oil prices

    Fuel price hike: Petrol, diesel rates increased by over 80 paise amid rising oil prices

    Fuel price hike: Petrol, diesel rates increased by over 80 paise amid rising oil prices
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    By Niral Sharma   IST (Updated)

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    Petrol and diesel prices were increased by more than 80 paise per litre on Tuesday as oil marketing companies (OMCs) look to pare losses amid a sharp jump in the international oil prices. With this hike, petrol price in Mumbai has crossed Rs 110 per litre while diesel is at Rs 95.

    Petrol and diesel prices were increased by more than 80 paise per litre on Tuesday as oil marketing companies (OMCs) look to pare losses amid a sharp jump in the international oil prices that rose to 14-year high earlier this month due to the ongoing Ukraine-Russia war. With this hike, petrol price in Mumbai has crossed Rs 110 per litre while diesel is at Rs 95.
    Prices of petrol and diesel in Delhi are at Rs 96.21 per litre and Rs 87.47 per litre, respectively, while Rs 105.51 and Rs 90.62, respectively, in Kolkata and Rs 102.16 and Rs 92.19, respectively, in Chennai.
    The fuel prices in India were kept unchanged for more than four months. Petrol prices were slashed by Rs 5 and diesel by Rs 10 in November last year, which according to many, was a deliberate move by Centre keeping in mind the Assembly elections in the five states including Uttar Pradesh.
    Crude oil prices went up by 25 percent since the last hike in November. Last week, OMCs increased diesel prices for bulk users by Rs 25/litre, while the aviation fuel was already up 50 percent since January.
    Speculations rose in the past few weeks that OMCs would start increasing fuel prices after poll results on March 10 as global oil rates touched a high of $140 per barrel earlier this month.
    Union minister for petroleum and natural gas Hardeep Singh Puri, however, denied claims that the prices were kept low due to elections, assuring that there was no shortage of crude oil in the country.
    "I assure you all that there will be no shortage of crude oil. We will make sure that our energy requirements are met, even though 85 percent of our requirements are dependent on imports for crude oil and 50-55 percent on gas," Puri said at a press conference earlier.
    He also said that people should take note of the Ukraine-Russia crisis that led to rate hikes globally.
    "Oil prices are determined by global prices and there is a war-like situation in one part of the world and the oil companies will factor that in. The oil companies will themselves determine the prices. We will take decisions in the best interest of the citizens," Puri said.
    The Indian rupee too has been under pressure, falling to a record low of 77.01 per dollar earlier this month, which adds to concerns around oil prices in India as the country heavily depends on overseas purchases.
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