Fuel Prices Surges Across India, Mumbai Worst Hit

Fuel Prices Surges Across India, Mumbai Worst Hit

Cities across India are seeing a huge rise in fuels prices after several Unmanned Ariel Vehicles (UAV) and cruise missiles blew up 5.7 million barrels of crude oil in Saudi Arabia.

The attack shook the international oil market and disabled nearly 5% of the total global supply. In India, this led to a continuous rise in petrol and diesel prices across cities until Wednesday which say saw stable prices in four metropolitan cities while slight increases in some areas.

Petrol price

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In the capital city of Delhi, we saw prices remain unchanged on Tuesday, with petrol at Rs 74.13/litre and diesel looming at Rs 67.07/litre.

Chennai saw a rise of 0.1 paise per litre. This means consumers will be buying petrol at Rs 77.07 and diesel at Rs 70.92 a litre on Wednesday. Kolkata also saw no change in fuels prices on Tuesday and petrol remained at Rs 76.82 per litre and diesel at Rs 69.49 per litre.

Mumbai was the worst-hit of all the metropolitan cities. The people of Mumbai had to shelve out Rs 79.79 per litre for petrol and Rs 70.37 per litre for diesel on Tuesday. These prices remained unchanged there on Wednesday.

Diesel price rise

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India relies on Saudi Arabia for a fifth of its oil imports. Every month buys around 2,00,000 tonnes of its Liquefied Petroleum Gas (LPG) from Saudi Arabia.

Meanwhile, CPI(M) general secretary Sitaram Yechury took a dig at the government on September 24 over the rising fuel prices. He said that despite the benefit of low oil prices internationally since 2014, the taxes on petrol and diesel were raised.

India oil price rise

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Sitaram tweeted, “Tax on rich corporate reduced, whole petrol and diesel are hiked continuously! Increasing the common Indian’s misery is the only way this govt can raise revenues?”

In a second tweet, he also wrote, “This govt has had the benefit of low international oil prices since 2014, yet taxes on petrol and diesel were unprecedented and raised. Relief to rich corporates now has cost govt Rs 1.45 lakh crore: it is making it up by taxing the common Indian.”