Fuel prices often fluctuate in response to crude oil prices or other global events. With 2022 coming to an end, let’s look back and reflect on all the important events related to the increase and decrease in fuel prices across the country this year. The first increase in motor fuel prices this year took place on March 22, after a pause of more than 4 months. Gasoline and diesel prices both increased by 80 paise per liter.
The increase was anticipated due to the ongoing war between Russia and Ukraine, which led to a spike in global crude oil prices. This resulted in many consumers rushing to refill their tanks while some also sought to stock up on fuel. Fuel prices are also expected to adjust by Indian oil companies after parliamentary elections in five states end in the first half of March.
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Gasoline price is over the threshold $100 points in Delhi on March 29 after an increase of 80 cents a liter. After motor fuel prices continued to rise throughout March, Finance Minister Nirmala Sitharaman said disruptions in supply chains and the resulting increase in global crude prices due to the war between Russia and Ukraine had led to The increase in engine fuel is a record. price.
Motorcyclists wait in line to fill up at a gas station. (Avatar) (HT_PRINT)
And while the global price of crude oil has a big impact on the price people pay for fuel in any given country, the taxes and fees imposed on both fuels in India have also steadily increased. by the time. Currently, India remains the most expensive country in the subcontinent.
After increasing 14 times throughout March and the first week of April, motor fuel prices were flat on April 7, providing monetary relief to passengers and then remaining stable throughout. whole year. However, in May, Union Minister Rameswar Teli said gasoline and diesel prices would not stabilize until India increased oil production to reduce dependence on international markets for fuel demand.
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In July, the central government announced a large excise tax on gasoline and diesel to provide relief to motorists and residents, resulting in the government reducing the excise tax on gasoline and diesel oil. $8 per liter and $6 per liter respectively. With this, petrol and diesel all over India become cheaper by $9.5 per liter and $7 per liter respectively.
In September, global crude oil prices fell below $90 a barrel for the first time since February but this did not lead to any drop in motor fuel prices in India. The prices of these motor fuels have remained stable since then.
Between July 2021 and 2022, petrol prices in India have experienced 78 price increases and only 7 declines. Diesel had 76 price increases during the same period, with only 10 price drops. The information was shared by the Ministry of Oil and Natural Gas before Parliament, in response to a question about fuel price increase in India from the Opposition.
First published date: December 26, 2022, 19:41 pm IST
