new Delhi: price of cng The national capital and adjoining cities were hiked by Rs 0.50 per kg on Tuesday, while the imminent hike in petrol And diesel price Global oil prices have been put on wait and watch mode for more clarity. CNG According to information posted on the website of Indraprastha Gas Limited, the price has been increased from Rs 56.51 to Rs 57.51 per kg in NCT of Delhi – which retails CNG and CNG. piped cooking gas in the national capital.
After consolidating international gas rates, IGL has been increasing CNG rates by up to 50 paise (Rs 0.50) per kg from time to time. This year itself, the prices have increased by about Rs 4 per kg.
Apart from Delhi, CNG will be costlier by Re 1 per kg in Noida, Greater Noida and Ghaziabad. From Tuesday, its price will be Rs 59.58 per kg.
Rates vary from state to state depending on the incidence of local taxes.
There is no change in the rate in Mumbai, where CNG costs Rs 66 per kg.
IGL has not changed the price of LPG for piped supply to domestic kitchens.
Although petrol and diesel Expected prices remained unaffected on Tuesday after the multi-phased polling in Uttar Pradesh ended.
Petrol costs Rs 95.41 in Delhi and Rs 109.98 per liter in Mumbai. Diesel costs Rs 86.67 per liter in Delhi and Rs 94.14 in Mumbai.
Three officials said PSU fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) will keep an eye on the evolving situation internationally for a few more days before revising rates.
The decision comes after the company’s executives held marathon meetings with oil ministry officials late on Monday night.
“We are watching the situation closely. We need to see whether the current surge in international oil prices is a temporary phenomenon or is it here to stay,” said a senior official at one of the three retailers.
He said the situation would be monitored for “a few more days” before any decision on price revision is reached.
Fuel prices have been stagnant for the past four months due to elections being held in five states, including the politically important Uttar Pradesh. Despite this, rates rose from $81.5 a barrel in early November to $140 a barrel on Monday.
Officials said the government is concerned about the impact of the price hike – both in terms of the general price hike as well as its political repercussions.
Another official said, “On paper, we have the freedom to fix the retail sale price of petrol and diesel. But it is also true that we are incurring huge losses.
An industry source said the order to put a hold on revision of rates was given so that the daily hike does not affect the ruling government’s electoral prospects.
From June 2017, fuel prices are to be adjusted daily in line with the benchmark international rate for the last 15 days. But the rates are on freeze since November 4, 2021.
The freeze came after the Modi government cut excise duty on petrol by Rs 5 per liter and diesel by Rs 10 per liter to bring down rates from record-high levels. Most state governments also reduced the local sales tax or VAT.
Before these tax deductions, petrol price 110.04 per liter and diesel touched an all-time high of Rs 98.42 per litre. These rates were in line with Brent’s peak of $86.40 per barrel on October 26, 2021. Brent was at $82.74 on November 5, 2021, before it started falling and touched $68.87 a barrel in December.
International oil prices started rising again this year, hitting a 13-year high of $140 a barrel this week.
To compound things, the Indian rupee fell to a dollar on Monday from a record low of 77.
India depends on foreign purchases to meet about 85 percent of its oil requirement, making it one of the most vulnerable countries to high oil prices in Asia.
The double shock of oil prices, already over 60 per cent this year, and a weakening rupee could damage the country’s finances, spark a nascent economic recovery and set inflation on fire.
Industry sources said there is a need for fuel retailers to hike petrol and diesel prices by Rs 15 per litre.
According to information from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil, the basket of crude oil purchased by India rose above $ 126.36 per barrel on March 7.
This compares to the average price of Indian basket of crude oil at $81.5 a barrel at the time of the collapse in petrol and diesel prices four months ago.
International oil prices have skyrocketed since Russia last month deployed its troops along the Ukrainian border. They escalated after the Central Asian nation was attacked over fears that the conflict in Ukraine or retaliatory Western sanctions might disrupt oil and gas supplies from energy giant Russia.
While Western sanctions have so far kept the energy trade out, the prospect of a complete embargo of Russian oil and products is leading to the latest rally in international oil prices.
After consolidating international gas rates, IGL has been increasing CNG rates by up to 50 paise (Rs 0.50) per kg from time to time. This year itself, the prices have increased by about Rs 4 per kg.
Apart from Delhi, CNG will be costlier by Re 1 per kg in Noida, Greater Noida and Ghaziabad. From Tuesday, its price will be Rs 59.58 per kg.
Rates vary from state to state depending on the incidence of local taxes.
There is no change in the rate in Mumbai, where CNG costs Rs 66 per kg.
IGL has not changed the price of LPG for piped supply to domestic kitchens.
Although petrol and diesel Expected prices remained unaffected on Tuesday after the multi-phased polling in Uttar Pradesh ended.
Petrol costs Rs 95.41 in Delhi and Rs 109.98 per liter in Mumbai. Diesel costs Rs 86.67 per liter in Delhi and Rs 94.14 in Mumbai.
Three officials said PSU fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) will keep an eye on the evolving situation internationally for a few more days before revising rates.
The decision comes after the company’s executives held marathon meetings with oil ministry officials late on Monday night.
“We are watching the situation closely. We need to see whether the current surge in international oil prices is a temporary phenomenon or is it here to stay,” said a senior official at one of the three retailers.
He said the situation would be monitored for “a few more days” before any decision on price revision is reached.
Fuel prices have been stagnant for the past four months due to elections being held in five states, including the politically important Uttar Pradesh. Despite this, rates rose from $81.5 a barrel in early November to $140 a barrel on Monday.
Officials said the government is concerned about the impact of the price hike – both in terms of the general price hike as well as its political repercussions.
Another official said, “On paper, we have the freedom to fix the retail sale price of petrol and diesel. But it is also true that we are incurring huge losses.
An industry source said the order to put a hold on revision of rates was given so that the daily hike does not affect the ruling government’s electoral prospects.
From June 2017, fuel prices are to be adjusted daily in line with the benchmark international rate for the last 15 days. But the rates are on freeze since November 4, 2021.
The freeze came after the Modi government cut excise duty on petrol by Rs 5 per liter and diesel by Rs 10 per liter to bring down rates from record-high levels. Most state governments also reduced the local sales tax or VAT.
Before these tax deductions, petrol price 110.04 per liter and diesel touched an all-time high of Rs 98.42 per litre. These rates were in line with Brent’s peak of $86.40 per barrel on October 26, 2021. Brent was at $82.74 on November 5, 2021, before it started falling and touched $68.87 a barrel in December.
International oil prices started rising again this year, hitting a 13-year high of $140 a barrel this week.
To compound things, the Indian rupee fell to a dollar on Monday from a record low of 77.
India depends on foreign purchases to meet about 85 percent of its oil requirement, making it one of the most vulnerable countries to high oil prices in Asia.
The double shock of oil prices, already over 60 per cent this year, and a weakening rupee could damage the country’s finances, spark a nascent economic recovery and set inflation on fire.
Industry sources said there is a need for fuel retailers to hike petrol and diesel prices by Rs 15 per litre.
According to information from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil, the basket of crude oil purchased by India rose above $ 126.36 per barrel on March 7.
This compares to the average price of Indian basket of crude oil at $81.5 a barrel at the time of the collapse in petrol and diesel prices four months ago.
International oil prices have skyrocketed since Russia last month deployed its troops along the Ukrainian border. They escalated after the Central Asian nation was attacked over fears that the conflict in Ukraine or retaliatory Western sanctions might disrupt oil and gas supplies from energy giant Russia.
While Western sanctions have so far kept the energy trade out, the prospect of a complete embargo of Russian oil and products is leading to the latest rally in international oil prices.