After rising about Rs 10 in a fortnight, the fuel prices in India remained unchanged on Sunday for the fourth day in a row. The price of petrol in Delhi stands high at Rs 105.41 per litre, and at a record Rs 120.51 a litre in Mumbai. Diesel prices also maintained status quo at Rs 96.67 a litre in Delhi and at Rs 104.77 per litre in Mumbai.
In other parts of the country, petrol in Kolkata was being sold at Rs 115.12 per litre and diesel at Rs 99.83 per litre on Sunday. In Chennai also, one litre of petrol was retailing at the previous price of Rs 110.89 and diesel at Rs 100.94 per litre, according to a notification from state-owned oil marketing companies.
In Lucknow, the price of petrol was at Rs 105.25 a litre, while diesel was selling at Rs 96.83 per litre. In Bengaluru, the petrol price was at Rs 111.09 per litre and the diesel rate stood at Rs 94.79 per litre. In Gandhinagar, petrol was at Rs 105.29 per litre and diesel at Rs 99.64 per litre.
Aviation turbine fuel or jet fuel, prices of which are revised on the 1st and 16th of every month, stood at Rs 2,258.54 per kilolitre to Rs 1,12,924.83 per kilolitre in Delhi, after its price was raised two per cent on Friday.
The fuel prices in India have been rising in India since March 22 when the results of five Assembly polls were announced, after a hiatus of four months.
On Friday, the Reserve Bank of India (RBI) in its monetary policy review revised upwards its inflation forecast to 5.7 per cent for the current financial year 2022-23 as compared with the 4.5 per cent projected earlier. The central bank is mandated to keep inflation within the range of 2-6 per cent. While the CPI-based inflation rate in February stood at 6.07 per cent, the rate in January was 6.01 per cent.
RBI Governor Shaktikanta Das while announcing the policy said the spike in international crude oil prices since February-end poses a substantial upside risk to inflation through both direct and indirect effects. “Sharp increase in domestic pump prices could trigger broad-based second-round price pressures.”
Key commodity prices in India also remain high due to high fuel prices and global supply chain disruptions amid the ongoing Russia-Ukraine war, which has pushed the input costs for companies upwards. Das has said the RBI expects international crude oil prices at USD 100 per barrel for the current financial year to meet inflation and growth targets.
In India, prices of vegetables and milk, among other essential commodities, are on the higher side due to higher transportation costs as petrol and diesel prices have got costlier recently.
In the first bi-monthly monetary policy review for the current financial year, the RBI on Friday revised downwards its GDP growth projection for 2022-23 to 7.2 per cent, against the 7.8 per cent projected earlier.
Petrol, Diesel Prices on Sunday in Major Cities:
Delhi
Petrol – Rs 105.41 per litre
Diesel – Rs 96.67 per litre
Mumbai
Petrol – Rs 120.51 per litre
Diesel – Rs 104.77 per litre
Kolkata
Petrol – Rs 115.12 per litre
Diesel – Rs 99.83 per litre
Chennai
Petrol – Rs 110.85 per litre
Diesel – Rs 100.94 per litre
Bhopal
Petrol – Rs 118.14 per litre
Diesel – Rs 101.16 per litre
Hyderabad
Petrol – Rs 119.49 per litre
Diesel – Rs 105.49 per litre
Bengaluru
Petrol – Rs 111.09 per litre
Diesel – Rs 94.79 per litre
Guwahati
Petrol – Rs 105.66 per litre
Diesel – Rs 91.40 per litre
Lucknow
Petrol – Rs 105.25 per litre
Diesel – Rs 96.83 per litre
Gandhinagar
Petrol – Rs 105.29 per litre
Diesel – Rs 99.64 per litre
Thiruvananthapuram
Petrol – Rs 117.19 per litre
Diesel – Rs 103.95 per litre
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