Fuel Prices Remain Unchanged For Third Day In A Row

Petrol and diesel prices have remained unchanged for the third day in a row for Indian fuel consumers. The price of fuel has risen by Rs 10 per litre after 14 reviews since March 22.

In Delhi, petrol is available for Rs 105.41 per litre, while diesel is available for Rs 95.87 to Rupees 96.67. In Mumbai, petrol and diesel are priced at Rupees 120.51 and Rs 104.77 per litre, respectively.

There are varying rates across the country, depending on local taxation.

In Punjab and Uttar Pradesh, prices were frozen on 4 November in preparation for the Assembly elections.

After the escalating Ukraine and commodity price surges, the RBI revised its inflation and growth forecasts up and down across all quarters for FY23 in its policy statement on Friday.

For 2022-23, Mint Street projected inflation at 5.7 per cent, with Q1 at 6.3 per cent; Q2 at 5.8 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent under the assumption of a normal monsoon in 2022 and average crude oil prices (Indian basket) of 100 dollars per barrel.

If political uncertainties worsen and commodity prices rise even further, these forecasts could be overly optimistic. In his statement, Shaktikanta Das noted that given the excessive volatility in global crude oil prices since late February, and the uncertainty over how the geopolitical situation will develop, any projections of growth and inflation are highly risky, and depend heavily on oil and commodity prices in the future.