Internet users bemoaned the rise in worldwide oil costs, and memes depicting automobiles collapsing and people transferring to alternative forms of transportation surfaced.
Reports claiming a Rs 9 per litre hike in fuel and diesel prices following Assembly elections in five Indian states have frightened netizens, prompting memes to flood Twitter.
International oil prices have already risen beyond $100 per barrel as a result of Russia’s invasion of Ukraine. According to a PTI article, speculation over delays in Russian oil and gas supply caused by the ongoing conflict with Ukraine or western sanctions has contributed to a surge in worldwide prices. “We expect daily fuel price rises to resume across both gasoline and diesel after state elections next week,” JP Morgan said in its research, according to PTI.
According to a PTI report quoting the energy ministry’s Petroleum Planning and Analysis Cell (PPAC), the basket of crude oil India buys climbed beyond $102 a barrel on March 1. During the freeze of gasoline and diesel prices in early November last year, the price was $81.5 per barrel.
On fuel and diesel, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are losing Rs 5.7 per litre. According to the research, prices must rise by Rs 9 per litre to reduce losses.
Only a small portion of Russian gas is sent to India. India’s oil imports from Russia amounted for barely 1% of its overall imports last year, while coal shipments made for 1.3 percent of the country’s total imports.
India, on the other hand, is concerned about rising world oil costs. Domestic gasoline prices have remained unchanged for a record 118 days since the start of election campaigns in five states, according to a PTI report.
Petrol costs Rs 95.41 per litre in Delhi, while diesel costs Rs 86.67 per litre. The seventh and final phase of voting in Uttar Pradesh will take place on March 7, with results expected on March 10.
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