Petrol and gasoline prices increased by 80 paise apiece on Tuesday, marking the thirteenth modification in fifteen days.
The overall rise in fuel prices is now Rs 9.20 per litre. In Delhi, petrol and diesel currently cost Rs 104.61 and Rs 95.87 per litre, respectively. In Mumbai, petrol now costs Rs 119.67 a litre, a rise of 84 paise, while diesel costs Rs 103.92, an increase of 85 paise.
Notably, the price of compressed natural gas (CNG) was raised by Rs. 2.5 per kilogramme yesterday. CNG now costs Rs 64.11 per kg in the national capital under the new price.
The price hike has also sparked political outrage, with the opposition conducting rallies and demanding a reduction in petrol costs.
The Rajya Sabha was postponed for the day on Monday after repeated interruptions due to rising costs of petroleum products and critical commodities, with the Opposition objecting as their demand to conduct a discussion on the subject was denied.
Tiruchi Siva, a DMK member, raised a point of order, questioning “why the notifications issued by us under Rule 267 to the Secretary-General to stop the business of the House and hold a discussion on rising oil prices and many other notices were denied.”
There had been a break in gasoline price revisions since November 4 of last year, which ended on March 22 when crude oil prices rose as a result of Russia’s military actions in Ukraine.
Prices are expected to rise further as a result of the strong increase in crude oil prices in foreign markets. It will have a cascading effect on other prices, causing inflationary pressure and harming growth while also affecting other costs.
Meanwhile, the Congress Party is planning a statewide protest campaign against price increases called “Mehngai Mukt Bharat Abhiyan,” in which it is organising demonstrations and marches across the country from March 31 to April 7.
Notably, on November 3, last year, the Centre reduced excise tax on petrol by Rs 5 per litre and diesel by Rs 10 per litre in order to reduce retail prices across the nation.
Following this, numerous state governments decreased the Value-Added Tax (VAT) on gasoline and diesel in order to offer assistance to the public.