Petrol and diesel prices were hiked by around Rs 3 per litre each across the country on Friday, as oil companies passed on part of the surge in global energy prices to consumers. State-owned fuel retailers had kept prices unchanged for nearly 11 weeks despite rising input costs, but sources told PTI that a partial increase became unavoidable as operations turned financially unsustainable.
The hike comes amid Prime MinisterNarendra Modi's appeal to citizens to conserve fuel by reviving work-from-home practices. The national capital has already mandated a two-day work-from-home policy for state government employees. The Prime Minister also urged people to use public transport like metros, postpone non-essential foreign travel, cut down on edible oil use, and avoid unnecessary gold purchases.
These measures come as India grapples with the global economic fallout of the ongoing energy crisis triggered by the conflict involving Israel, the US, and Iran.
Following the latest hike, petrol prices have crossed the Rs 100-per-litre mark in several major cities, including Mumbai, Kolkata, and Chennai.
Also Read:Petrol And Diesel Prices Hiked By Rs 3 Per Litre Across India
The basket of crude oil that India imports averaged USD 69 per barrel in February before the war in West Asia broke out. It averaged USD 113-114 per barrel in subsequent months.
The country imports roughly 90% of its crude oil and half its gas needs.
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