On the fourth consecutive day of rise, petrol and diesel prices hit yet another record high on October 30.
With the latest hike of 35 paise each, petrol retailed at Rs 108.99 a litre in Delhi and diesel at Rs 97.72. In Mumbai, petrol hovered on Rs 115 to be sold at Rs 114.81 a litre, while diesel reached Rs 105.86.
Kolkata recorded a hike of 34 paise and retailed a litre of petrol at Rs 109.46. Diesel prices increased by 35 paise and sold at Rs 100.84 per litre. In Chennai, the petrol and diesel prices reached Rs 105.74 and Rs 101.92 per litre.
The fuel prices differ from state to state, depending on the incidence of local taxes. Petrol price has been hiked on 25 occasions since September 28, when a three-week-long hiatus in rate revision ended.
Oil Minister Hardeep Singh Puri on October 29 said that India will use whatever “margin of persuasion” it has while talking to oil-producing nations to make sure the fuel prices are down in the country.
Petrol & Diesel Rates May 22, 2022
He added that India’s dependence on traditional energy sources such as petrol and coal will remain for a very long time and the transition to green energy sources will be done orderly only if their prices are affordable.
“The government is very sensitive to prices. And I can tell you, with total confidence, that we will use whatever margin of persuasion we have, bilaterally with my counterparts, or multilaterally or plurilaterally, to make sure the prices are down,” Puri said at the Indo-Pacific Regional Dialogue organised by the Indian Navy.
International oil prices climbed to a multi-year high of $85 per barrel, sending local retail petrol, diesel and LPG prices to record levels.
Cooking gas LPG prices may witness a hike this week after under-recovery on the fuel widened to over Rs 100 per cylinder, reported news agency PTI citing sources. According to the report, the sources said that the rate hike, including the quantum of increase, is dependent on government permission.
If allowed, this will be the fifth increase in cooking gas rates across all categories of households using subsidised gas for cooking and heating purposes, non-subsidised fuel and industrial-sized gas.
LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder. Sources with direct knowledge of the matter said state-owned oil marketing companies have not been allowed to align retail selling price with the cost, and no government subsidy has so far been approved to bridge the gap.