homeenergy NewsExclusive: Fuel price hikes to continue for sometime in 'small doses', say sources
energy | Mar 23, 2022 7:40 AM IST

Exclusive: Fuel price hikes to continue for sometime in 'small doses', say sources

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Petrol and diesel prices were increased by more than 80 paise per litre on Tuesday as oil marketing companies (OMCs) looked to pare losses amid a sharp jump in oil prices in international markets that rose to 14-year high earlier this month due to the ongoing Ukraine-Russia war.

Fuel prices will continue to increase for sometime in “small doses” as oil prices go up in the international market, sources told CNBC-TV18 on Wednesday. They, requesting anonymity, said pricing is a challenge for the oil marketing companies as crude oil has fluctuated between $97 and $139 a barrel since the Russia-Ukraine war began.

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"Not considering excise cut for now," they added.
Petrol and diesel prices were increased by more than 80 paise per litre on Tuesday as oil marketing companies (OMCs) looked to pare losses amid a sharp jump in oil prices in international markets that rose to 14-year high earlier this month due to the ongoing Ukraine-Russia war. With this hike, petrol price has in Mumbai 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.
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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.
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.
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