Prices of petrol and diesel in India are likely to rise by at least Rs 15, according to reports.
The likely high prices of petrol and diesel are likely to be triggered due to international crude oil prices jumping to a 13-year high of $140 per barrel.
Moreover, the value of Indian rupee, on Tuesday, languished at 76.97 compared to US dollar.
Meanwhile, union petroleum minister Hardeep Singh Puri has said that the government will take a decision on the prices of petrol and diesel keeping in mind interest of citizens.
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“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,” Puri said.
Notably, there has been massive jumps in the prices of crude oil in international markets following the invasion of Ukraine by Russia.
Hardeep Singh Puri further rubbished the allegations that the government kept a check on fuel prices as crucial assembly elections were held in Uttar Pradesh, Punjab, Uttarakhand and Goa and Manipur.
“To say that the government had controlled oil prices due to elections is not correct. We will make sure that our energy requirements are met,” union petroleum minister Hardeep Singh Puri said.
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India relies heavily on overseas purchases to meet about 85 per cent of its oil requirement.
Global crude oil prices continued to rise on Tuesday as Brent crude touched $126 per barrel amid the ongoing Russia-Ukraine war.
Moreover, BP and Shell, which also announced it would stop buying Russian oil, said, however, that they wouldn’t be able to immediately disentangle themselves from Russia due to long-term contracts and the difficulty of finding alternatives.
Meanwhile, US President Joe Biden is also expected to announce new sanctions against Russia, including the banning import of oil from Russia on Tuesday, the New York Times reported.