Fuel costs have spiked by 90 paise per litre, which is the second time within a week. The diesel and petrol rates in Delhi are now Rs 91.58 and Rs 98.64, while petrol prices in Mumbai rose to Rs 107.68 per litre. Due to rising crude oil prices in the international market and disruptions around the Strait of Hormuz, this has impacted the Indian economy.
The central government says that there is no fuel shortage so people should not panic. But, according to reports, India holds 60 days of fuel storage and 45 days of LPG inventories. Even the CNG prices have risen by Rs 2. Also, IGL has increased the CNG costs by Rs 1.
Oil Companies Under Pressure
Petroleum Minister Singh Puri has warned that the state-run fuel retailers may have to face Rs 1 lakh crore in a quarter if the petrol and diesel rates are not revised. He said collectively oil marketing companies are losing Rs 1,000 crore every day due to the West Asia tensions. RBI Governor, Malhotra also said that if the Iran-US war continues, then the prices of petrol and diesel will increase. PM Modi has asked citizens to opt for work from home and reduce fuel consumption to save foreign exchange.
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