There is no shortage of petrol, diesel, or LPG in India, as confirmed by senior government officials. Petrol pumps found withholding fuel or providing reduced quantities are being reprimanded. The government is closely monitoring feedback from petrol pumps nationwide to ensure uninterrupted fuel supply to all outlets.
Sales at some pumps have surged due to increased diesel demand during the harvesting season. Customers are shifting from private oil companies, which have raised prices, to public sector filling stations. Additionally, institutional and commercial sales, priced higher based on international rates, are now gravitating towards petrol pumps.
Indian fuel prices saw a modest increase of Rs 3.91 per litre this week, marking a 4.4% hike, the lowest among major economies not directly subsidized like Gulf producers. Public sector oil companies absorbed costs for 76 days before implementing this partial cost recovery. In contrast, global prices have surged by 10 to 90% to offset rising crude costs.
While emerging markets facing West Asian supply volatility witness steep price hikes, advanced economies experience more moderate increases. For instance, American petrol and diesel prices rose by around 45% and 48%, respectively. European countries like the UK, Germany, and France saw increases ranging from 14% to 34% in petrol and diesel prices.
In Asia, Japan, South Korea, and Singapore recorded petrol price hikes below 20%, with diesel prices rising faster. Singapore, notably, saw a substantial 65% increase in diesel prices. These price fluctuations are attributed to global crude cost variations impacting fuel prices worldwide.
