India's Fuel Price Hike Remains Minimal Amid Global Surge
India Records Smallest Fuel Price Hike Amidst Global Crude Surge
Asianet Newsable
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Despite a global surge in fuel prices due to the West Asia crisis, India recorded one of the smallest increases in retail fuel prices, with petrol rising by 5% and diesel by 5.3%. This contrasts sharply with significant hikes seen in countries like Myanmar and Malaysia, where increases exceeded 50%.
- 01India's petrol prices increased by approximately ₹4.74 per litre and diesel by ₹4.82 per litre in May 2023.
- 02Global petrol prices surged, with Myanmar experiencing a nearly 90% increase in petrol prices.
- 03India's fuel price hikes are among the lowest compared to other major fuel-importing countries.
- 04The Indian government has previously reduced excise duties on fuel to mitigate the impact of rising crude oil prices.
- 05International crude oil prices have risen due to tensions in West Asia and supply disruption concerns.
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In the face of rising global fuel prices driven by tensions in West Asia, India has managed to implement one of the smallest increases in retail fuel prices among major economies. On May 15, 19, and 23, oil marketing companies, including Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited, raised petrol prices by ₹4.74 per litre and diesel by ₹4.82 per litre, marking a cumulative increase of about 5% for petrol and 5.3% for diesel. This is significantly lower compared to countries like Myanmar, where petrol prices soared by nearly 90%, and Malaysia, which saw increases of over 56%. The Indian government has absorbed a substantial part of the crude oil cost increases through excise duty cuts and has limited the pass-through to consumers. Since 2021, multiple excise duty reductions, including a ₹10 cut per litre in March 2026, have helped cushion the impact of rising global prices on Indian consumers. As international crude oil prices continue to rise, India's strategy of managing fuel prices is noteworthy amidst a backdrop of significant increases in neighboring countries and developed economies.
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The minimal increase in fuel prices in India may help stabilize consumer spending and inflation, providing relief to households amidst rising global costs.
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