Russia-Ukraine war too leads to rise in international crude prices
New Delhi, March 7 (Delhi Crown): Speculations are rife in media circles about an imminent steep hike in petrol and diesel prices, even as Assembly elections in five states come to an end on Monday, and also because international crude prices have skyrocketed amid the Russia-Ukraine war.
If media reports are to be believed, fuel prices are likely to be hiked by over Rs 12 per litre very soon.
Fuel prices have not been revised in the country for the past four months.
International oil prices have reached levels not seen since the 2008 financial crisis, and disruption to crude and fuel exports from Russia has left the world short of supply.
The Central Government had cut Excise Duty to provide a relief from skyrocketing prices of petrol and diesel ahead of Diwali last year. Subsequently, oil marketing companies, which take a call on revision of daily prices of petrol and diesel, decided to freeze fuel rates for four months.
“As state elections are getting over, daily price hikes of petrol and diesel are expected to resume,” said a PTI report.
India imports more than two-thirds of its oil requirements, and higher prices push up the country’s trade and current account deficit while also hurting the Indian currency.