Petrol Prices To Increase In India After April 29 ! Per Liter Will Be , After 40 days of fighting in the Middle East, a two-week ceasefire has been declared; however, the situation remains unchanged. One of the world’s major waterways, the Strait of Hormuz, is still not open. The US has imposed a blockade on the Strait of Hormuz. Meanwhile, countries like China, Russia and Yemen have come forward to support Iran. The closure of the Strait of Hormuz is having a significant impact on the global supply of crude oil. Due to restricted supplies, the prices of petrol and diesel have skyrocketed. In the Philippines, in particular, diesel prices have increased by 172 percent.
Petrol and diesel prices have been rising sharply across the world. However, India has not yet faced such a crisis. Diesel prices in the Philippines have increased by 172 percent, while petrol prices have doubled in Myanmar. However, India is still enjoying some reassurance regarding petrol and diesel prices. In Delhi, petrol prices are fixed at Rs 94.77 per litre and diesel at Rs 87.67 per litre. This reassurance is expected to end after the elections.
According to the latest data from globalpetrolprices.com, the countries that saw the highest increase in petrol prices were Myanmar (101.1%), Philippines (72.6%), Malaysia (68.1%), Laos (45.6%), Zimbabwe (42.9%), Pakistan (42.0%), UAE (40.8%), Cambodia (40.4%) and Nepal (39.5%).
What has affected petrol prices?
The list of countries that have increased diesel prices the most includes several countries. Philippines 172.0%, Laos 169.5%, Myanmar 161.4%, Malaysia 124.7%, New Zealand 89.9%, UAE 86.1%, Cambodia 84.0%, Lebanon 80.5%, Vietnam 77.9%, and Australia 65.3%.
Will India get poorer after April 29?
Currently, elections are underway in five states in India. Voting has already been concluded in three states, while elections are yet to be held in West Bengal and Tamil Nadu. The last phase of assembly elections in West Bengal is scheduled for April 29. Meanwhile, the results of all the five states are scheduled to be declared by May 4. As a result, there is widespread speculation that there will be a significant hike in petrol and diesel prices in India after the elections. This view seems to be supported by a recent report. Macquarie Group said in its report that oil companies are currently losing Rs 18 per litre on petrol and Rs 35 per litre on diesel. Therefore, it is generally assumed that petrol and diesel prices may increase after the elections are over. According to available information, a $10 increase in the price of crude oil per barrel means a loss of about Rs 6 per litre for oil companies.
Why are prices rising?
It is noteworthy that after the start of hostilities between Iran and the US, the price of Brent crude oil increased from $71 per barrel to a peak of $111. This situation increased uncertainty about oil supplies. By mid-March, the price of Brent crude oil had crossed $100. By early April, the price was at $111.73. However, after the announcement of a two-week ceasefire between Iran and the US, the price subsequently fell to $95.49.
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