State-run fuel retailers raised petrol and diesel prices by about 90 paise per litre, the second increase in less than a week. Petrol in New Delhi was reported at Rs 98.64 per litre and diesel at Rs 91.58 per litre. Fuel prices vary across cities due to state taxes, transportation costs, and dealer commissions. Retailers ended a four-year freeze on May 15, when petrol and diesel were increased by Rs 3 per litre, following a global oil shock linked to US-Iran tensions. Global crude prices rose nearly 8% last week. Gas prices were also increased twice, raising concerns for public transport operators. The timing followed assembly elections, with opposition accusing the government of delaying hikes for electoral advantage.
"India's state-run fuel retailers raised the prices of petrol and diesel by about 90 paise per litre (less than 0,01 or $0,01) on Tuesday, marking the second increase in less than a week. Oil retailers broke a four-year freeze in fuel prices last week, due to global oil shock from the US-Israel war with Iran. In New Delhi, petrol prices stood at Rs 98.64 (0,88, $1,03) per litre while diesel prices rose to Rs 91.58 per litre, news agency Press Trust of India reported."
"Fuel prices in India differ from city to city due to state-level taxes, transportation costs and dealer commissions. Indians are extremely sensitive to rise in fuel pricesImage: Francis Mascarenhas/REUTERS Global crude prices rose nearly 8% last week as tensions between the US and Iran continue to simmer. On May 15, Indian fuel retailers had hiked petrol and diesel prices by Rs 3 per litre, for the first time in four years."
"These hikes come soon after India completed its Assembly Elections for the year, extending Prime Minister Narendra Modi-led Bharatiya Janata Party's influenceafter it won three of five states. India's opposition has accused the government of delaying fuel hikes to gain voters' favor for the elections. Indian voters are significantly sensitive to fuel price hikes, at times swaying their vote at the ballot."
"Last week's increase covered just a fifth of the desired hike required to level rates with cost. Experts then had signalled that more hikes were in store. On Monday, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, had stated that the May 15 hike had cut losses by a fourth and that oil companies were still incurring about Rs 750 crore (66.85 million, $77.9 million) a day loss."
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