Mumbai: The Centre on Friday announced an immediate Rs 3 per litre hike in petrol and diesel prices across the country, marking the first revision in retail fuel rates in nearly four years. The revised
prices came into effect immediately without any transition window. Along with petrol and diesel, the price of CNG was also increased by Rs 2, a move expected to impact transportation costs and household budgets.
In Mumbai, petrol prices rose to Rs 106.68 per litre after an increase of Rs 3.14, while diesel prices climbed by Rs 3.11 to Rs 93.14 per litre. The hike is expected to affect lakhs of daily commuters, cab drivers, autorickshaw operators and small businesses dependent on transportation in the financial capital.
Soon after the revised rates came into effect, several commuters and motorists at fuel stations across Mumbai expressed concern over the rising burden of fuel expenses amid stagnant salaries and increasing living costs.
“Petrol was already Rs 103, which was difficult for us. Now it has gone up by another Rs 3.13, making things even harder. Salaries are not increasing, but expenses keep rising,” a consumer at a Mumbai fuel station said.
“I have two children, and I need petrol daily for work and to take my family around. Even using 2 litres a day means Rs 200 to Rs 400 extra every month. Petrol is essential for work and family needs, so we have no choice, but this is wrong,” the commuter added.
The increase comes at a time when state-run oil marketing companies are facing mounting pressure due to soaring global crude oil prices triggered by the ongoing conflict in West Asia. Earlier in March, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had raised the prices of premium fuels, though regular retail fuel prices remained unchanged until Friday.
According to reports, the pressure intensified after the conflict involving Iran and disruptions in the Strait of Hormuz pushed crude oil prices sharply higher in the international market. India’s crude basket, which averaged around USD 69 per barrel before tensions escalated in February, later surged to nearly USD 113-114 per barrel in subsequent months.
The fuel price hike is likely to have a cascading impact on transportation fares, delivery services and prices of essential commodities in Mumbai, where logistics costs play a major role in everyday expenses.
Earlier, Prime Minister Narendra Modi had urged citizens to conserve fuel and adopt work-from-home practices wherever possible to reduce fuel consumption and ease pressure on India’s foreign exchange reserves.
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