Fuel Price Hike: Petroleum Minister Hints At Petrol, Diesel Price Rise Due To Russia-Ukraine Conflict

Almost 85 per cent of India's crude oil requirement is met through imports.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri | Photo: Getty

New Delhi: Amid speculations of hike in oil prices, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri today said that any decision in this regard will be taken in the interest of the people. He, however, did not deny that the Russia-Ukraine conflict will play an important factor in oil companies deciding the prices.

"Oil prices are determined by global prices. There is a war-like situation in one part of the country. The oil companies will factor that in. We will take decisions in the best interest of our citizens: Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas," said Puri during a press conference, reported news agency ANI.

Oil prices are determined by global prices. There is a war-like situation in one part of the country. The oil companies will factor that in. We will take decisions in the best interest of our citizens: Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas pic.twitter.com/1B6evFkJTl

— ANI (@ANI) March 8, 2022

The price of crude oil has gone up to $140 per barrel in the global market, the highest level since July 2008.

Almost 85 per cent of India's crude oil requirement is met through imports, which is already sitting at an increased price of almost 60 percent. And the weakening rupee has further aggravated issues for India and its oil companies.

Contrary to speculations, petrol and diesel prices remained unchanged in the country on Tuesday. Petrol in Delhi cost Rs 95.41 per litre, while in Mumbai the price remained stable at Rs 109.98 a litre. Diesel was priced at Rs 86.67 a litre in Delhi and Rs 94.14 per litre in Mumbai.