Top News

• Fuel inflation flares worldwide
• 52% growth in UAE and 44% growth in US
• So how much is the fuel price hike in India?

Due to rising tensions in West Asia and the closing of the Strait of Hormuz of Brent crude oil Despite the price hike, petrol and diesel prices in India have remained stable. Meanwhile, fuel prices have increased by up to 85 percent in many countries. According to the Ka report, the data released by Kotak reveals a significant disparity between India and other developed and emerging economies. Fuel prices have risen significantly in many countries so far this year, with a 3 percent increase in India.

As for diesel, prices have risen sharply in several countries over the past few months due to geopolitical tensions. Country-wise, diesel prices in the United Arab Emirates (UAE) have increased by nearly 85 percent. This has been followed by growth of over 65 percent and 62 percent in Australia and the US respectively. In Canada, Pakistan, France, Sri Lanka and the United Kingdom, prices have increased by 35 to 53 percent.

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Additionally, inflation was slightly lower in countries like China and Brazil. In Russia, diesel prices rose by just over 1 percent. In contrast, diesel prices in India remained stable at Rs 87.6 per liter as in January, despite the ongoing US-Iran tensions, meaning there was no hike.

A similar trend was observed in petrol prices. Neighboring Pakistan saw the highest increase in petrol prices at 44 per cent, followed by the US (42 per cent) and the United Arab Emirates (36 per cent). Meanwhile, petrol prices in Canada, Sri Lanka and China increased by up to 34 percent. Whereas Australia, UK and France saw relatively low growth. Countries with lower growth include Brazil and Russia, where rates rose by slightly more than 7 percent and 1 percent, respectively.

Retail in India Petrol prices It remained stable at Rs 94.7 per liter as in January. That is, there was no price hike for consumers. Stable fuel prices in India show that government policies and the pricing practices of public sector oil companies (OMCs) have helped keep prices under control. Despite the ups and downs in the global market, Indian consumers have not been directly affected. According to the report, for the first time since the deregulation of fuel prices, state-owned oil companies are buying petrol, diesel, aviation turbine fuel (ATF) and kerosene from refineries at lower rates to offset losses caused by keeping retail prices fixed.

In another report, brokerage firm Macquarie said if petrol and diesel prices remain at $135-165 per barrel, Indian oil companies could lose around Rs 18 per liter on petrol and Rs 35 per liter on diesel. The report also said that a $10 per barrel increase in crude oil prices increases the marketing loss by around Rs 6 per litre.

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