Sitharaman and Gadkari attributed the increase in fuel prices to the Russo-Ukrainian war
Gasoline and diesel prices also rose 80 paise per liter on Saturday, the fourth increase in the past five days. The recent rallies are the strongest one-day rallies since the daily price correction began in June 2017.
As gasoline and diesel prices continued to rise for a fourth day of the week, Finance Minister Nirmala Sitharaman and Union Minister for Roads and Highways Nitin Gadkari blamed the ongoing Russia-Ukraine war. The ministers justifying the increase in fuel prices said that international oil prices had increased due to the war between Russia and Ukraine.
“We don’t carry the extra burden. The global situation, a war-like situation is not a time where we have to race. It has nothing to do with election time. If the oil market companies, the mines think they’re buying the 15-day average at a higher rate, obviously we’re going to suffer,” Sitharaman said on Friday.
“In India, 80% of the oil is imported,” said Gadkari. Against the backdrop of the ongoing war between Russia and Ukraine, the price of oil has spiraled in the international market and there is nothing we can do about it. “
Gasoline and diesel prices also rose 80 paise per liter on Saturday, fourth increase in the last five days. The recent rallies are the biggest single-day gains since the daily price correction began in June 2017. With four rallies starting on March 22, gasoline and diesel prices have risen. ₹3.20 per liter. Earlier this week, oil companies ended a nearly five-month hiatus in adjusting rates. Gasoline and diesel prices have been unchanged since November 4, before council elections in five states were announced. The adjustment of gasoline and diesel prices will continue immediately after the parliamentary elections ended on March 10.
Incidentally, oil companies decided to keep fuel prices unchanged even during the period when the price of input materials (crude oil) increased by about 30 USD/barrel. It has grown to $117 per barrel from about $82 at the beginning of November, now passing consumers the necessary increase in phases. Currently, the international oil price is hovering around the 120 USD/barrel mark.
Date of first publication: March 26, 2022, 08:57 AM IST
