No news from petrol pump, fuel prices unchanged for third straight day

For India’s fuel consumers, reprieve continues for the third straight day as petrol and diesel prices remained unchanged. Since March 22, fuel prices have seen a Rs 10 a litre jump after 14 revisions.

Petrol in Delhi retails at Rs 105.41 per litre, while diesel is Rs 95.87 per litre to Rs 96.67. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 and Rs 104.77 respectively.

Rates across the country and vary from state to state, depending upon local taxation.

Prices had been on a freeze since 4 November ahead of the Assembly elections in Uttar Pradesh and Punjab.

RBI in Friday’s policy revised its inflation forecast upwards and growth projections downwards across all quarters for FY23, amidst the escalated concerns over Ukraine and surge in global commodity prices.

On the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) of $ 100 per barrel, Mint Street projected inflation at 5.7 per cent in 2022-23, with Q1 at 6.3 per cent; Q2 at 5.8 per cent; Q3 at 5.4 per cent; and Q4 at 5.1 per cent.

But these forecasts could be optimistic if political uncertainties aggravate and commodity prices surge further. ” It may, however, be noted that given the excessive volatility in global crude oil prices since late February and the extreme uncertainty over the evolving geopolitical tensions, any projection of growth and inflation is fraught with risk, and is largely contingent upon future oil and commodity price developments” said governor Shaktikanta Das in his statement.