On Friday, fuel prices stayed steady for the second day during a row. the foremost recent increase, of 80 paise per litre, occurred on Wednesday. within the previous fortnight, the worth of fuel and diesel has risen by Rs 10 per litre.
Petrol costs Rs 105.41 per litre within the metropolis, while diesel costs Rs 96.67 per litre. Petrol and diesel rates per litre in Mumbai are Rs 120.51 and Rs 104.77, respectively.
A litre of petrol costs Rs 110.85 in Chennai, while diesel costs Rs 100.94. A litre of petrol costs Rs 115.12 in Kolkata, while diesel costs Rs 99.83. Rates have risen across the country, albeit they differ by state.
CNG rates within the capital were increased by Rs 2.5 per kg on Thursday, bringing the overall rise since March to Rs 12.5 per kg. the rise in CNG pricing comes after a 16-day increase in petrol and diesel prices of Rs 10 per litre and a Rs 50 per cylinder increase in LPG rates.
If petroleum prices occupy their current levels for too long, the finance ministry predicts that growth would slow to eight in FY23.
In its monthly report for March, the finance ministry’s Department of Economic Affairs stated that the govt is evaluating all possible options, including import diversification, to shop for petroleum at a reasonable price.
Fertiliser costs have stabilised at higher levels, and availability is stable, but the strong reliance on Russia remains an issue, per the report. The research warned that the rise in imports in March failed to bode good for the economy within the next year. The impact of rising crude prices on the economy was highlighted by the ministry.
“Affordability is sought since even the present level of international oil price, if it persists for a protracted period, may prevent India from reaching a true economic process rate north of 8% in FY23,” the report stated.
“The size of the damage would be determined on how long high prices endure.” Prices had dropped on Sunday thanks to a discount in excise duties. Retail prices are unlikely to fall further, economists say, because crude prices are still high and OMCs have amassed under-recoveries.
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