The prices of petrol and diesel were increased by 80 paise a litre each on Wednesday, in the second price hike in as many days, according to PTI.
On Tuesday, fuel prices were increased by 80 paise a litre in the first hike in 137 days. Meanwhile, liquified petroleum gas prices were increased by Rs 50 per cylinder. The LPG rate was last revised on October 6.
With the latest price increase, a litre of petrol in Delhi now costs Rs 97.01, as compared to Rs 96.21 earlier. The price of diesel has increased to Rs 88.27 a litre from Rs 87.47 a litre earlier.
Among the metro cities, Mumbai has the highest fuel prices, as a litre of petrol costs Rs 111.67 while a litre of diesel is Rs 95.85 a litre, Mint reported. The prices of petrol and diesel in Kolkata are Rs 106.34 and Rs 91.42 a litre respectively, while it is Rs 102.91 and Rs 92.95 a litre respectively in Chennai.
The rise in prices comes as global crude prices are soaring after Russian invasion of Ukraine. Higher costs are detrimental to India as it imports 85% of its crude oil.
The Indian rupee has also tumbled to a record low of Rs 77 to a dollar and can hurt the country’s finances amid growing concern about inflation.
On Tuesday, the benchmark Brent crude was trading at $118.59, or Rs 9,025.67, according to Mint.
The price hike on Tuesday took place 12 days after the results of Assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur were declared.
Parliament proceedings on Tuesday were disrupted after Opposition members criticised the Union government over the fuel price hike.
Many Opposition leaders also said on Twitter that their predictions of a fuel price hike after the Assembly elections were proven right.
Congress leader Rahul Gandhi said on Tuesday that the “lockdown” on the prices of gas, diesel and petrol has now been lifted. “Now, the government will consistently engage in ‘vikas’ of prices,” he said. “If you ask the prime minister about the epidemic of inflation, he will tell you to bang thalis [utensils].”
While fuel prices in India are regulated by oil marketing companies, it has often been observed that the rates remain unchanged during elections, and they are increased after results are announced.
For 18 days in March and April last year, the prices of petrol and diesel remained unchanged as four states and a Union Territory went to polls. However, after the results were announced on May 2, the prices rose steadily to hit record-high levels.