Diesel, premium petrol prices increased amidst energy crisis
The Union Government on Friday increased the prices of diesel for industrial use and high-grade petrol, reflecting the rising cost of crude oil as the conflict in West Asia expands. At a media briefing, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, clarified there is no increase in prices of normal petrol and diesel.
Pricing decisions, she said, are taken by oil companies independently as petrol and diesel pricing was deregulated in 2010 and 2014 respectively. “It (pricing) is decided by oil marketing companies. Government does not regulate petrol and diesel prices,” she added.
The price of premium petrol price was increased by INR 2 per litre while the rate of bulk diesel sold to industrial users was hiked by about INR 22 a litre. The move comes even as the rupee crashed 82 paise, or nearly 1 per cent, to settle at an all-time low of 93.71 (provisional) against the US dollar on Friday. International oil prices touched $119 per barrel on Thursday, before pulling back to around $108 a barrel.
The price of premium 95-Octane petrol in Delhi has increased from INR 99.89 per litre to INR 101.89, while the price of bulk or industrial diesel were hiked from INR 87.67 per litre to INR 109.59. The Government has not yet increased prices of normal petrol and diesel sold to retail customers.
On Friday, petrol was priced at INR 94.77 per litre in the national Capital, while in Mumbai, it stood at INR 103.54. Chennai recorded INR 100.93, Kolkata INR 105.41, and Bangalore INR 102.92. Hyderabad, Ahmedabad and Lucknow also saw retail prices stable/adjusted at INR 107.5, INR 94.48, and INR 94.69 respectively. Diesel was available at INR 87.67 per litre in Delhi, INR 90.03 in Mumbai, INR 92.48 in Chennai, INR 92.02 in Kolkata, and INR 90.99 in Bangalore. Retail petrol and diesel prices have been frozen since April 2022.
Fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have been absorbing losses when crude prices are high and making profits when rates are low. The three companies have posted INR 23,743 crore profit in the December quarter.
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz. Following attacks by US and Israel on Iran, Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements.
Food orders to get costlier
New Delhi: Food delivery aggregator Zomato has hiked the platform fee it charges users by INR 2.40 to INR 14.90 per order, its app showed on Friday. Zomato’s platform fee now stands at INR 14.90 on a pre-GST basis, from INR 12.50 earlier. Rival Swiggy has been charging a platform INR 14.99 inclusive of GST from its users. According to people in the know, the hike in platform fee is on a pan-India basis in all markets where Zomato operates. It had last hiked its platform fee in September last year. The latest hike in platform fees is set to make ordering food costlier for millions of users across the country.
