In Nepal too, the price of petrol, which was available at Rs 157 per liter before the Iran-Israel war, has now reached Rs 217, while the price of diesel has increased from Rs 142 to Rs 225.
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Petrol and diesel prices have increased in India for the third time in 8 days after crude oil prices increased. On Saturday, oil marketing companies increased petrol by 0.87 rupees per liter and diesel by 0.91 rupees. This is the third price hike in May or the third time in 8 days.
Earlier in the week, petrol and diesel were increased by 90 paise per liter. Just a few days ago, they were increased again by 3 rupees per liter. Before the price hike, the central government had claimed that state-owned companies were incurring a monthly loss of 1,000 crore rupees.
Indraprastha Gas Limited had increased the price of compressed natural gas (CNG) by 1 rupee per kg. This was the third hike in 10 days. In New Delhi, it has reached Rs 81.09 per kg, while in Noida and Ghaziabad, it has reached Rs 89.70 per kg.
After the price hike, diesel prices in Delhi have reached Rs 92.49 per liter and petrol prices have reached Rs 99.51. The latest hike in petrol and diesel prices comes at a time when international crude oil prices are rising sharply due to the ongoing conflict in West Asia. India imports about 85 percent of its crude oil requirements.
On Friday, Brent crude futures rose by $1.66 to $104.24 a barrel, while US West Texas Intermediate futures rose by 1.2 percent, or $1.11, to $97.46. On a weekly basis, Brent fell by 4.6 percent and West Texas Intermediate by 7.6 percent. But oil prices have fluctuated sharply due to changing expectations about a possible peace deal with Iran.
In the last two years, India has relied heavily on Russian crude, which is available at discounted rates, to keep import costs under control. But after global crude oil prices crossed $100 per barrel, state-owned oil companies have started increasing domestic fuel prices, which have been kept almost constant for a long time. But in Nepal, India's Indian Oil Corporation has been increasing prices since the Iran-Israel war began on February 28. Nepal Oil Corporation has been revising prices accordingly.
The price of petrol, which was available at Rs 157 per liter before the Iran-Israel war, has now reached Rs 217, while the price of diesel has increased from Rs 142 to Rs 225. Although there is no problem in supply that requires queues at the pumps, the price has continued to increase.
