The retail prices of petrol and diesel on Wednesday were raised by 80 paise each in Delhi for the second day in a row.
A liter of petrol in Delhi is now priced at Rs 97.01, while the price of diesel has been raised to Rs 88.27.
Petrol and diesel prices on Tuesday were raised by 80 paise per liter each while domestic cooking gas LPG rates were raised by Rs 50 per cylinder when state oil firms ended the rate revision delay for more than four and a half months.
While LPG rates were last revised on October 6, 2021, petrol and diesel prices have been frozen since November 4 when five states, including Uttar Pradesh and Punjab, went to the polls.
LPG prices have risen almost to Rs 100 per cylinder between July and October 6, 2021, sparking criticism.
The resumption of rising fuel prices has raised concerns of triggering inflation, which has already exceeded the targeted 6 per cent level. India relies on overseas purchases to meet about 85 per cent of its oil needs.
Opposition parties were quick to attack the government over price hikes, with Congress, TMC and the Left party forcing two adjournments of proceedings at the Rajya Sabha on Tuesday.
The benchmark Brent crude oil price has risen sharply following the escalation in the Russia-Ukraine conflict and has put pressure on national fuel companies to raise retail prices.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – three large government -run companies – dominate fuel retail and tend to move their prices together.
The Oil Company seems to have returned to the daily price review mechanism.