INSUBCONTINENT EXCLUSIVE:
Fuel prices rise by 80 paise a litre in Delhi, first revision since December 1The retail price of petrol and diesel increased by 80 paise
each in Delhi from 6 am on Monday, marking the first revision since December 1 2021 and PTI reported domestic cooking gas (or LPG) price was
hiked by ₹ 50 per cylinder, quoting sources.On Tuesday, a litre of petrol rose to ₹ 96.21 at the Rajdhani Service Station in Delhi,
while diesel rates increased to ₹ 87.47 per litre, reflecting an 80 paise increase from petrol costs of ₹ 95.41 on Monday, while diesel
rates stood at ₹ 86.67 per litre.While PTI reported, domestic cooking gas (or LPG) price was hiked by ₹ 50 per cylinder on Tuesday for
the first time since early October, quoting sources.That increase in retail fuel prices comes for the first time since November and has
remained unchanged across metro cities for the most prolonged duration since the daily revision of prices began in June 2017.Here are the
petrol and diesel price across the metro cities:But speculation was that fuel prices might rise as assembly elections have ended in Uttar
Pradesh, Uttarakhand, Punjab, Goa and Manipur.The Centre had cut excise duty on November 4, 2021, to give relief from prices that had
reached an all-time high level
The government had slashed the duty on petrol by ₹ 5 per litre and diesel by ₹ 10 a litre, leading to a substantial reduction in fuel
prices.Later in December 2021, the Delhi government had reduced the value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent
With this, petrol prices in the national capital were slashed by ₹ 8.56 per litre.India imports about 85 per cent of its oil needs, making
it the world's third-biggest oil importer and consumer
The country's local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude
prices.The benchmark Brent crude oil prices have risen sharply to nearly $120 per barrel on the escalation in the Russia-Ukraine conflict
and have put pressure on state fuel companies to increase the retail prices.Indian Oil Corporation, Bharat Petroleum Corporation and
Hindustan Petroleum Corporation - the three big state-run companies - dominate fuel retailing and tend to move their prices together.Reuters
had reported late on Monday that retail fuel prices were to rise from Tuesday for the first time after a 4-month hiatus, citing two dealers,
with one of them adding that there could be a regular increase in pump prices.Still, the latest price increase means consumers will pay less
than 1 per cent more at the pump, despite a substantial increase in global oil prices since the conflict in Ukraine began last month and a
falling Indian rupee, the Reuters report said.The government last week said it was keeping a close watch on evolving geopolitical
developments and would make 'calibrated interventions' to keep fuel prices under control "to safeguard the interest of the common man."
