India Keeps Fuel Price Rise Lower Than Most Nations Amid Global Oil Crisis
New Delhi: Even as global fuel prices continue to surge due to the ongoing Middle East conflict and disruption in the Strait of Hormuz, India has managed to keep petrol and diesel price hikes relatively lower compared to many major economies around the world.
Fuel prices in India were increased again today, marking the third revision within nine days. Since May 15, petrol prices in Delhi have risen by Rs 4.75 per litre, while diesel has become costlier by Rs 4.82 per litre.
The sharp rise in international crude oil prices comes after tensions in the Middle East severely affected the Strait of Hormuz — one of the world’s most important oil supply routes that handles nearly 20% of global crude shipments.
Despite global panic and rapid fuel price increases in several countries, the Indian government said it delayed any revision in domestic fuel prices for 76 days after the disruption began. According to officials, India remains the only major economy that maintained stable fuel prices during that period.
The government also highlighted that the total increase of around Rs 5 per litre in India is still among the lowest globally, excluding oil-producing Gulf nations that heavily subsidise fuel.
In comparison, petrol prices reportedly increased by over 44% in the United States, 52% in the UAE, nearly 55% in Pakistan, 19% in the United Kingdom, 16% in Bangladesh, and close to 10% in Japan during the same period.
Officials further stated that India has previously reduced fuel prices during global crises, including the Russia-Ukraine war, by cutting central excise duties multiple times. The Centre claimed these measures helped protect consumers while also absorbing significant revenue losses.
The government additionally pointed out that states with the highest fuel taxes are largely ruled by opposition parties.
With global oil markets still unstable due to the continuing conflict in the Middle East, fuel prices may remain under pressure in the coming weeks.
News source: Information for this article was gathered from a variety of reliable news outlets.
