Fuel prices up Rs 5 in 10 days, govt defends limited hike amid West Asia crisis

Key Takeaways

• Even as petrol and diesel prices rose for the third time this month, government sources claimed India had largely shielded consumers from the full impact of the global energy crisis, pointing out that retail fuel prices were kept unchanged for 76 days despite soaring crude oil costs and disruptions in global supply chains.
• According to government data, fuel prices were increased in three phases on May 15, 19 and 23, taking the cumulative hike to around Rs 4.74 - 4.82 per litre.
• The Centre maintained that the increase was modest compared to several countries where fuel prices surged sharply amid the ongoing geopolitical tensions.
• Read Full Story Government sources said petrol and diesel prices in India rose by only around 5 per cent, while fuel costs increased by 54.9 per cent in Pakistan, 44.5 per cent in the United States and 19.2 per cent in the United Kingdom during the same period.
• The latest hike comes amid mounting pressure on oil marketing companies (OMCs), which were reportedly incurring losses of nearly Rs 1,000 crore per day due to elevated crude prices.