compressed natural gas (CNG) prices in Delhi have been hiked by Rs 2.5 per kg after the government increased the inputs natural gas According to a notification by Indraprastha Gas Limited (IGL), a retailer of CNG and piped LPG in the national capital, prices have hit record levels. The price of CNG is now Rs 64.11 per kg, effective from Monday. This is the seventh hike in CNG prices in the last month.
Prices vary from state to state and city to city, depending on the incidence of local taxes such as Value Added Tax (VAT). CNG prices were also hiked by 80 paise per kg in the national capital on Friday. Overall, the prices have increased by around Rs 6.5 per kg after the last seven hikes. This increase is due to a jump in gas prices globally.
In addition to compressed natural gas, petrol prices Also, it was hiked by another 40 paise per liter on Monday, taking the total increase over the past two weeks to Rs 8.40. This was the 12th hike in petrol and diesel prices by state-owned fuel retailers in two weeks. Petrol in Delhi is being sold at Rs 103.81 per liter from Rs 103.41 earlier, and diesel rates have increased from Rs 94.67 per liter to Rs 95.07. Petrol and diesel prices in Mumbai are Rs 118.83 and Rs 103.07 respectively.
Fuel prices are rising in India amid the Russo-Ukraine war, which has pushed crude oil prices to a seven-year high, following the results of assembly elections in five states last month. Petrol and diesel prices were stable since November 4 last year, when the Center cut excise duty on petrol and diesel by Rs 5 to give some relief to the common man.
Globally, however, oil prices fell at the start of Asian trade on Sunday after the United Arab Emirates and the Iran-aligned Houthi group welcomed a ceasefire, alleviating some concerns about potential supply issues. , will stop military operations on the Saudi-Yemeni border.
This week’s early losses come after oil prices plunged nearly 13 percent last week – their biggest weekly drop in two years – when US President Joe Biden announced the release of the biggest ever US oil reserves. . Last week, the US president announced the release of 1 million barrels per day (bpd) of crude oil for six months from May, the biggest release ever from the US Strategic Petroleum Reserve of 180 million barrels.
Brent crude futures were down US$1.01 or 1 per cent to $103.38 a barrel as of 2223 GMT. WTI crude futures fell 84 cents, or 0.9 per cent, to $98.43 a barrel.
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