Petrol prices breach Rs 100 mark
THIRD HIKE IN EIGHT DAYS HITS CONSUMERS
By Our Reporter
SHILLONG, April 23: Shillong’s transport-depen-dent economy was dealt a heavy blow on Saturday as petrol prices breached the psychological Rs 100-per-litre mark following the third hike in eight days, sparking immediate fears of a ripple effect on essential commodity prices and taxi fares.
On Saturday, the price of petrol in the state capital stood at Rs 100.34 per litre, a sharp increase from ap-proximately Rs 96.30 just one month ago. Diesel prices also surged to Rs 91.72 per litre, up from Rs 87.50 in the same period.
The rapid escalation is already impacting residents and the local transport sector. “On one hand, the govern-ment claims there is adequate fuel stock, but on the other, prices are being increased relentlessly,” said a local tourist cab driver. Other op-erators indicated they may be forced to formally discuss a fare hike if the current trend continues.
According to figures from the Meghalaya Great-er Shillong Petrol Retail-ers Association, Shillong consumes an average of 80,000 litres of petrol daily, underlin-ing the scale of the financial burden on the city’s commuters.
Nationally, fuel prices were raised by 87-91 paise per litre on Saturday, bring-ing the cumulative increase to nearly Rs 5 per litre in under 10 days. State-owned oil marketing companies are passing on the costs of soaring international crude oil, which has surged more than 50 per cent since late February due to geo-political tensions and disruptions in global shipping routes.
In addition to petrol and diesel, compressed natural gas (CNG) prices were raised by Re 1 per kg on Saturday, marking a cumulative hike of Rs 4 per kg in recent days.
While the BJP has de-fended the price revisions as a response to global market volatility, the hikes come amid rising inflationary pres-sures. India’s retail inflation accelerated to 3.48 per cent in April, while wholesale inflation hit a 42-month high of 8.3 per cent, driven largely by energy costs.
Despite the recent in-creases, industry reports sug-gest oil marketing companies continue to face significant losses, losing an estimated Rs 10 per litre on petrol and Rs 13 per litre on diesel as they attempt to balance global input costs with do-mestic retail rates. (With PTI inputs)
Issue of supply ‘highly localised’, claims IndianOil
NEW DELHI, May 23: In-dian Oil Corporation (IOC), the nation’s largest oil firm, on Saturday said there was no overall shortage of petrol and diesel in the country and described fuel outages report-ed at some retail outlets as “highly localised” and tem-porary, caused by regional demand-supply mismatches and shifting sales patterns.
The state-owned fuel re-tailer said higher demand at certain outlets was driven by a seasonal rise in diesel con-sumption during the harvesting season, migration of customers from private pumps where retail prices were relatively higher, and increased institu-tional purchases at public sec-tor outlets as bulk fuel supplies were being priced in line with elevated international rates. (PTI) More on P-2