Fuel Prices To Rise From Next Week In India: Report
NDTV
India will raise petrol and diesel prices next week for the first time in more than four months as global crude prices soar after Russia's invasion.
India will raise petrol and diesel prices next week for the first time in more than four months as global crude prices soar after Russia's invasion of Ukraine last week, three government officials said, amid growing concern about inflation.
Asia's third-largest economy, which imports 80 per cent of its oil needs, faces retail inflation staying above the central bank's tolerance limit of 6 per cent as companies pass on a nearly 40 per cent rise in crude prices since November, as well as rises in prices for other imported raw materials, economists said.
State-run oil companies, which control the domestic market, have not raised prices since November 4, aiming to help Prime Minister Narendra Modi's Bharatiya Janata Party in crucial state assembly elections including in the most populous state of Uttar Pradesh.
"The oil companies would be free to raise prices in a phased manner once the election is over on March 7," a senior government official with the knowledge of internal discussions on oil prices told Reuters.
