Petrol Diesel Price will rise! Says RBI Governor

Petrol Diesel Price: Another major setback is waiting for common people. Prime Minister Narendra Modi urged citizens to save on petrol and diesel, refrain from foreign travel, and avoid buying gold due to the West Asian crisis. In response, the government has raised the import duty on gold and silver from 6% to 15%. Additionally, RBI Governor Sanjay Malhotra has issued a crucial warning about petrol and diesel prices. He mentioned that if the conflict in West Asia persists for an extended period, there may be a need to raise petrol and diesel prices. The ongoing Iran war has intensified pressure on India’s energy imports, inflation expectations, and supply chains.

India ranks as the third-largest oil consumer globally, but the Iran war has considerably inflated its import costs. The closure of the Strait of Hormuz has disrupted crude oil imports, primarily sourced from Gulf nations. Oil companies are facing substantial losses due to soaring oil prices, yet India has not yet raised petrol and diesel prices. Numerous international organizations have indicated that this financial strain should be transferred to the general public.

Malhotra expressed at a conference that if the Iran crisis drags on, the government will have no alternative but to hike petrol and diesel prices. He noted that excise duty has already been lowered, and state-owned oil companies are absorbing the rise in crude oil prices themselves. Up to this point, these costs have not been passed on to consumers.

According to reports citing government sources, the potential for a price hike in petrol and diesel cannot be dismissed. State-owned companies have already raised prices for commercial LPG, industrial diesel, 5-kg small cylinders, and jet fuel for international airlines. However, petrol and diesel prices remain unchanged for now. The IMF recently stated that the burden of petrol and diesel inflation should be shouldered by the general populace.

Petrol-diesel price

The price of petrol in Delhi is currently Rs 94.77 per liter, while diesel is available at Rs 87.67 per liter. Meanwhile, crude oil prices fell slightly today. Brent crude is down 0.28% at $107.5 per barrel. Since the Iran war began, crude oil prices have risen nearly 50%. Last month, it reached $126 per barrel, its highest level since 2022.