Petrol, Diesel Price Hike To Restart From Next Week

Crude oil hits USD 110 Mark!

The ongoing conflict between Russia and Ukraine has not only created havoc among the people but also the prices of diesel and petrol are going to spike starting next week. The prices will touch a peak as the crude oil hits the USD 110 mark.

According to the report given by PTI, it said, the petrol and diesel price hike are likely to come next week to bridge the gap of rupees 9 per litre created by the increase of USD 100 per barrel in international oil prices.

It also said as per the data from the oil Ministry's petroleum planning and analysis cell (PPAC), the basket of crude oil India Buys surged beyond USD 102 per barrel on March 1. 

The report also states that this has reached its highest level since August 2014.

According to the report given by JP Morgan, it said, with state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," read the report. The upcoming elections in Uttar Pradesh will fall on March 7, whereas the Counting of votes will begin on March 10.

Russia Produces a third of Europe's natural gas and around 10 percent of the world's oil. The conflict between Ukraine and Russia has also affected oil prices.

As per the information, Russian supplies up a relatively minor fraction of India's imports. India purchased 43,400 barrels of oil from Russia per day in 2021., while the coal imports from Russia were 1.8 million tonnes or 1.3 percent of the total coal imports.