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Stepping up the attack against the government over steep hike in fuel prices, Congress leader Rahul Gandhi on Thursday said the rise in petrol and diesel prices has been unprecedented and demanded its roll back.
Leading a protest by Congress MPs on the issue at Vijay Chowk here, he said prices of petrol and diesel have risen nine times in the last 10 days, and the common man is the most affected due to this.
Congress MPs from both the Lok Sabha and the Rajya Sabha carrying placards raised slogans against the government and sat on a dharna against the fuel price hike.
Among those present included Leader of Opposition in the Rajya Sabha Mallikarjun Kharge and Congress leader in the Lok Sabha Adhir Ranjan Chowdhury.
"Our demand is that the government should control prices and stop raising petrol and diesel prices," Gandhi said while noting that the poor and middle class have been worst hit by the hike.
"We can see that petrol and diesel prices are climbing rapidly. The government is making thousands of crores from this. The Congress is protesting across the country against this price rise of petrol and diesel. The government has to stop doing this. It has to ensure that prices do not rise," he said.
"I had said that when elections will be over, the prices of petrol and diesel will be rising and had asked people to fill up their tanks," he said.
This level of price rise in petrol and diesel has been unprecedented, he said while accusing the government of stealing the money from the poor and handing it over to industrialists.
The Congress is also launching a week-long countrywide protest against inflation and rise in fuel prices.
Petrol and diesel prices were on Thursday hiked by 80 paise a litre each, taking the total increase in rates in the last 10 days to Rs 6.40 per litre.
Rates have been increased across the country and vary from state to state depending upon local taxation.
This is the ninth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.

Led by Rahul Gandhi, Congress protests against fuel hike | Watch

Rahul Gandhi led a protest of Congress MPs in Delhi on Thursday against fuel hike. Congress to hold week long protests on the issue across the country

Watch | Congress protests against fuel hike

Stepping up the attack against the government over steep hike in fuel prices, Congress leader Rahul Gandhi on Thursday said the rise in petrol and diesel prices has been unprecedented and demanded its roll back.&nbsp;&nbsp;
Leading a protest by Congress MPs on the issue at Vijay Chowk in Delhi Gandhi said the poor and middle class have been worst hit by the hike and demanded the government control prices and stop daily fuel price hike.&nbsp;&nbsp;
He added that this level of price rise in petrol and diesel has been unprecedented and accused the government of stealing the money from the poor and handing it over to industrialists.&nbsp;&nbsp;
Among those present included Mallikarjun Kharge, Adhir Ranjan Chowdhury and Shashi Tharoor. Speaking to the media, Tharoor stressed on the repercussions of the hike on ordinary people.&nbsp; The Congress is also launching a week-long countrywide protest against inflation and rise in fuel prices.&nbsp;
Rates have been increased across the country and vary from state to state depending upon local taxation.&nbsp;&nbsp;
Thursday morning saw the price increase for the 9th time in 10 days, ending a four-and-half-month-long hiatus in rate revision on March 22nd. &nbsp;&nbsp;

Rahul&nbsp;Gandhi led a protest of Congress MPs&nbsp;in Delhi on Thursday against fuel hike. Congress to hold week long protests on the issue across the country

Stepping up the attack against the government over steep hike in fuel prices, Congress leader Rahul Gandhi on Thursday said the rise in petrol and diesel prices has been unprecedented and demanded its roll back.
Leading a protest by Congress MPs on the issue at Vijay Chowk here, he said prices of petrol and diesel have risen nine times in the last 10 days, and the common man is the most affected due to this.
Congress MPs from both the Lok Sabha and the Rajya Sabha carrying placards raised slogans against the government and sat on a dharna against the fuel price hike.
Among those present included Leader of Opposition in the Rajya Sabha Mallikarjun Kharge and Congress leader in the Lok Sabha Adhir Ranjan Chowdhury.
"Our demand is that the government should control prices and stop raising petrol and diesel prices," Gandhi said while noting that the poor and middle class have been worst hit by the hike.
"We can see that petrol and diesel prices are climbing rapidly. The government is making thousands of crores from this. The Congress is protesting across the country against this price rise of petrol and diesel. The government has to stop doing this. It has to ensure that prices do not rise," he said.
"I had said that when elections will be over, the prices of petrol and diesel will be rising and had asked people to fill up their tanks," he said.
This level of price rise in petrol and diesel has been unprecedented, he said while accusing the government of stealing the money from the poor and handing it over to industrialists.
The Congress is also launching a week-long countrywide protest against inflation and rise in fuel prices.
Petrol and diesel prices were on Thursday hiked by 80 paise a litre each, taking the total increase in rates in the last 10 days to Rs 6.40 per litre.
Rates have been increased across the country and vary from state to state depending upon local taxation.
This is the ninth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
ALSO WATCH:&nbsp;<a href="https://www.editorji.com/india-news/local/sword-show-by-congress-ministers-police-file-fir-bjp-claims-credit-maharashtra-1648518590665">Sword show by Congress ministers; police file FIR, BJP claims credit | Maharashtra</a>

Petrol and Diesel prices hike latest news: Fuel prices set to burn holes in your pocket are on a steep escalation as retailers raised prices for a second day on Wednesday. Petrol and Diesel prices were raised by 85 paise/lt on Wednesday following a 80 paise hike on Tuesday. 

Petrol, Diesel prices hiked again! Second day in a row and this time it is steeper

Fuel on fire! Price hike second day in a row

Experts see prices rising daily till OMCs&nbsp;raise prices by Rs 15/lt

Petrol and Diesel prices hike latest news: Fuel prices set to burn holes in your pocket are on a steep escalation as retailers raised prices for a second day on Wednesday.
Petrol and Diesel prices were raised by 85 paise/lt on Wednesday following a 80 paise&nbsp;hike on Tuesday. Here are the price hikes and latest prices in cities across India:&nbsp;
Price of Petrol
Delhi:&nbsp; &nbsp; &nbsp;Rs 97.01 (increased by 80 paise) Mumbai:&nbsp;Rs 111.67 (increased by 85 paise) Chennai: Rs 102.91 (increased by 75 paise) Kolkata:&nbsp; Rs 106.34 (increased by 83 paise)
Price of Diesel
Delhi:&nbsp; &nbsp; &nbsp;Rs 88.27&nbsp; (increased by 80 paise) Mumbai:&nbsp;Rs 95.85 &nbsp;(increased by 85 paise) Chennai:&nbsp;Rs 92.95 ( increased by 76 paise) Kolkata:&nbsp; Rs&nbsp;91.42 (increased by 80 paise)

Diesel price hike latest news: In a big shock to diesel users the price for fuel&nbsp;sold to bulk users has been hiked by about Rs 25 per litre as sources to news agency PTI.The Rs 25/litre hike in diesel prices does not impact retail rates, so in Mumbai&nbsp;price for bulk users has been hiked to Rs 122.05 as compared to Rs 94.14 a litre price of the same fuel sold at petrol pumps.This 40% jump in prices is in-line with international oil price movement and also the hikes seen in aviation fuel which is now up 50% since January.&nbsp;
PSU oil companies have not raised retail prices of petrol and diesel since November 4, 2021 despite a surge in global oil and fuel prices, a move seen as aiding the Bharatiya Janata Party (BJP) in crucial state assembly elections.
&nbsp;

Diesel price hike: Bulk user prices hiked by Rs 25/litre

This 40% jump in prices is in-line with international oil price movement and also the hikes seen in aviation fuel which is now up 50% since January. 

Shocking hike in Diesel prices for bulk users, is retail next?

<ul>
<li>Sharp hike in diesel prices for bulk users</li>
<li>Diesel prices hiked for bulk users by Rs 25/litre</li>
<li>40% hike in Diesel prices for bulk users&nbsp;</li>
<li>Mumbai bulk diesel rate: Rs 122/lt vs retail Rs 94/lit&nbsp;</li>
<li>Aviation jet fuel prices up 50% since January&nbsp;</li>
<li>Retail fuel prices unchanged since November 4</li>
</ul>

Bulk users of diesel will have to pay 40% more&nbsp;

Diesel price hike latest news: In a big shock to diesel users the price for fuel&nbsp;sold to bulk users has been hiked by about Rs 25 per litre as sources to news agency PTI. The Rs 25/litre hike in diesel prices does not impact retail rates, so in Mumbai&nbsp;price for bulk users has been hiked to Rs 122.05 as compared to Rs 94.14 a litre price of the same fuel sold at petrol pumps. This 40% jump in prices is in-line with international oil price movement and also the hikes seen in aviation fuel which is now up 50% since January.&nbsp;
PSU oil companies have not raised retail prices of petrol and diesel since November 4, 2021 despite a surge in global oil and fuel prices, a move seen as aiding the Bharatiya Janata Party (BJP) in crucial state assembly elections.
&nbsp;

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump. 

India is the world’s third-biggest oil user
India imports over 80% of it's crude demand 
India paid $82.4 billion for the crude oil it imported in the nine months through December 2021
Crude bill for India set to top $100 billion this year 
This is a 109% jump over last year same period though amount imported only went up by 9%
Annual oil demand seen at an all time high - 214.5 million tons 
Every $1 rise in crude oil prices increases India’s import bill by about $1.5 billion 
The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20
Double whammy of a stronger dollar playing out
For every rupee value decrease vs dollar increases spending by upto Rs 2,700 cr


Putin Petrol and Prices: Crude Oil realities of India that will  have you shocked

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump. 

The mounting fuel bill, yours and the Modi govt's 

Crude oil prices have surges to the highest level since 2008

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump and at the Finance Ministry.&nbsp;
Also read &amp; watch:&nbsp;<a title="Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
<ul>
<li>India is the world&rsquo;s third-biggest oil user</li>
<li>India imports over 80% of it's crude demand&nbsp;</li>
<li>India paid $82.4 billion for the crude oil it imported in the nine months through December 2021</li>
<li>Crude bill for India set to top $100 billion this year&nbsp;</li>
<li>This is a 109% jump over last year's same period though amount imported only went up by 9%</li>
<li>Annual oil demand seen at an all-time high -&nbsp;214.5 million tons&nbsp;</li>
<li>Every $1 rise in crude oil prices increases India&rsquo;s import bill by about $1.5 billion&nbsp;</li>
<li>The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20</li>
<li>Double whammy of a stronger dollar playing out</li>
<li>For every rupee value decrease vs dollar increases&nbsp;spending by up to&nbsp;Rs 2,700 cr</li>
</ul>

Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 120 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42. 

Brace yourself - Rs 12 hike in petrol, diesel price needed to break-even

Are you ready for your petrol, diesel bill to go up by Rs 12! Brace yourself it starts tomorrow

 Big hikes in petrol and diesel prices likely to start Tuesday

Crude Oil prices surged to $130/bbl, first time since 2008

Fuel bill is going to burn a hole in your budget.&nbsp;Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
Also watch &amp; read:<a title="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">&nbsp;Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 125 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42.&nbsp;

Petrol and diesel prices are back on their upward march after just a two-day break. Both petrol and diesel became costlier by 35 paise per liter. Fuel prices have seen 14 hikes in 20 days in the month of October.At the beginning of the year, petrol was retailing at&nbsp;Rs 83.97 and diesel at Rs 74.12 per liter. They have now escalated to Rs 106.19 and Rs 94.92 per liter respectively. That is, within just 10 months, petrol has become costlier by Rs 22 and diesel by Rs 20.
Let's see the price of petrol and diesel in big cities...
City&nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp;Diesel
Delhi&nbsp; &nbsp; &nbsp; 106.19&nbsp; 94.92
Mumbai&nbsp; 112.11&nbsp; 102.89
Kolkata&nbsp; &nbsp;106.43&nbsp; 97.68
Chennai&nbsp; &nbsp;103.16&nbsp; 99.07


14 hikes in 20 days, Petrol and diesel prices continue to sky rocket

Petrol prices are up Rs 20 in just the last 10 months and showing no respite. Are fuel prices poised to cross the Rs 120 mark?

Fuel on fire and it is burning a hole in your pocket! 

Let's see the price of petrol and diesel in big cities...
City&nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp;Diesel
Delhi&nbsp; &nbsp; &nbsp; 106.19&nbsp; 94.92
Mumbai&nbsp; 112.11&nbsp; 102.89
Kolkata&nbsp; &nbsp;106.43&nbsp; 97.68
Chennai&nbsp; &nbsp;103.16&nbsp; 99.07

Both petrol and diesel became costlier by 35 paise per liter on Wednesday.&nbsp;

Petrol and diesel prices are back on their upward march after just a two-day break. Both petrol and diesel became costlier by 35 paise per liter. Fuel prices have seen 14 hikes in 20 days in the month of October. At the beginning of the year, petrol was retailing at&nbsp;Rs 83.97 and diesel at Rs 74.12 per liter. They have now escalated to Rs 106.19 and Rs 94.92 per liter respectively. That is, within just 10 months, petrol has become costlier by Rs 22 and diesel by Rs 20.

diesel price hike

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