Petrol and diesel prices will rise by 80 paise beginning today. This hike comes after 137 days of stable price. Indian Oil Corporation has told dealers that the revised tariffs would go into effect on March 22 at 6:00 a.m.
Despite a surge in global crude oil prices that surpassed the three-figure mark and reached multi-year highs earlier this month as a result of the Russia-Ukraine situation, critical motor gasoline prices in India have not changed in more than four months.
Retail fuel prices have risen for the first time since November and have remained steady across metro areas for the longest period since the daily revision of prices began in June 2017.
However, as assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa, and Manipur concluded, there was anticipation that petrol prices would rise.
On November 4, 2021, the Centre reduced excise duty to provide relief from prices that had hit an all-time high. The government reduced the duty on petrol by 5 paise per litre and diesel by 10 paise per litre, resulting in significant reductions in fuel prices.
Later that year, in December 2021, the Delhi government decreased the value-added tax (VAT) on petrol from 30% to 19.40%. Petrol prices in the national capital have been reduced by 8.56 cents per litre as a result of this.
Meanwhile, diesel costs for bulk users have risen by roughly Rs 25 per litre as a result of a 40% spike in global oil prices caused by the present Russia-Ukraine crisis. According to a PTI report, petrol pump sales jumped by a fifth this month as large users such as bus fleet operators and malls lined up at gas bunks to buy fuel rather than the usual practice of purchasing straight from oil companies, extending sellers' losses.
For the first time since early October, the price of domestic cooking gas (or LPG) was raised by $50 per cylinder on Tuesday.