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Following a bout of several rate hikes, petrol and diesel prices continue to be on freeze for over a month now. Fuel prices have remained unchanged for the last 37 days on Friday, May 13. It is important to note that the petrol and diesel prices were last hiked by 80 paise a litre each on April 6, Wednesday, taking the total increase in rates in 16 days to ₹10 per litre.
Petrol in Delhi costs ₹105.41 per litre while diesel rates costs ₹96.67, according to a price notification of state fuel retailers. In Gurugram, one litre of petrol will cost ₹105.86 and ₹97.10 for one litre of diesel.
In Chennai, the petrol and diesel prices are at ₹110.85 and ₹100.94 per litre . In Kolkata, the price of petrol is ₹115.12 and diesel is ₹99.83 . In Bengaluru, one litre of petrol will cost ₹111.09 and one litre of diesel will cost ₹94.79.
Meanwhile, the power ministry called on coal importers to ensure supplies as the country increasingly relies on the fuel to stem power blackouts, according to people familiar with the matter.
In a meeting with suppliers, ministry officials said they would help with obstacles such as late payments from provincial power plants, said the people, who asked not to be identified as they aren’t authorized to speak to the press. The ministry has asked generators to import a total of about 19 million tons during the three months to June so they have enough reserves before the rainy season slows supplies.
India has seen an unprecedented demand for coal this summer, as soaring temperatures and industrial activity spurred electricity demand. That has pressured domestic coal supply infrastructure, forcing the country to turn to imports of the fuel and ditch previous efforts to slow overseas purchases.
The power ministry also plans to meet port and rail officials to ensure the imported coal reaches the plants smoothly, instead of being held up at transport terminals for weeks.
The ministry’s press office didn’t immediately respond to an email seeking comment. Despite repeated calls from the federal government, generation plants, mainly owned by provincial governments, have been slow to place orders.
The biggest impediment is high prices that have shot up after the start of Russia’s war in Ukraine. Asian benchmark Newcastle coal futures have advanced more than 150% this year. The sliding rupee is not helping imports either. The Indian currency tumbled to a record low on Thursday, making imports more expensive.
(With inputs from agencies)