Fuel prices in India stayed constant for the fourth day in a row on Sunday, after rising by around Rs 10 in the previous two weeks. Petrol prices in Delhi are at Rs 105.41 per litre, while in Mumbai they are at Rs 120.51 per litre. Diesel rates in Delhi and Mumbai remained unchanged at Rs 96.67 per litre and Rs 104.77 per litre, respectively.
On Sunday, petrol in Kolkata was selling for Rs 115.12 per litre while diesel was selling for Rs 99.83 per litre. According to a notice from state-owned oil marketing organisations, one litre of petrol in Chennai was sold at the previous price of Rs 110.89 and diesel at Rs 100.94 per litre.
Petrol was selling for Rs 105.25 per litre in Lucknow, while diesel was selling at Rs 96.83 per litre. The price of petrol in Bengaluru was Rs 111.09 per litre, while the price of diesel was Rs 94.79 per litre. Petrol was priced at Rs 105.29 per litre in Gandhinagar, while diesel was priced at Rs 99.64 per litre.
After a two-percent price increase on Friday, aviation turbine fuel or jet fuel was priced at Rs 2,258.54 per kilolitre to Rs 1,12,924.83 per kilolitre in Delhi.
After a four-month respite, India's fuel prices have begun climbing since March 22, when the results of five Assembly elections were released.
In its monetary policy review on Friday, the Reserve Bank of India (RBI) raised its inflation forecast for the current fiscal year 2022-23 from 4.5 percent to 5.7 percent. Inflation must be kept between 2% and 6%, according to the central bank's mandate. In February, the CPI-based inflation rate was 6.07 percent, compared to 6.01 percent in January.
The jump in international crude oil prices since February's end, according to RBI Governor Shaktikanta Das, offers a major upside risk to inflation through both direct and indirect consequences. "A sharp increase in domestic pump prices might lead to broad-based second-round pricing pressures," says the report.
Due to high fuel prices and global supply chain delays caused by the continuing Russia-Ukraine conflict, key commodity prices in India have remained high, pushing up enterprises' input costs. The RBI anticipates worldwide crude oil prices to remain at USD 100 per barrel for the current fiscal year in order to satisfy inflation and growth objectives, according to Das.
Vegetable and milk prices, among other vital commodities, are on the rise in India owing to rising transportation expenses, since gas and diesel prices have lately risen.
The RBI reduced its GDP growth prediction for 2022-23 to 7.2 percent, down from 7.8 percent previously anticipated, in its first bi-monthly monetary policy review for the current fiscal year on Friday.
