Russia is amping up its oil exports to India with a $15 to $20 discount per barrel, before the west imposes a cap on rate of fuel from the country to limit its resources for invading Ukraine. This has allowed India to resist inflation and keep fuel prices low, even after its big three oil companies were reeling from the impact of losses incurred during the beginning of 2022. Even as a Rs 22,000 crore compensation has been approved for oil producers in India, the petrol and diesel prices remain the same.
As usual, prices in the national capital Delhi are lowest at Rs 96.72 per litre for petrol, and Rs 89.62 per litre for diesel.
Chennai was higher with Rs 102 per litre for petrol and Rs 94.24 per litre for diesel.
It gets expensive in Kolkata at Rs 106.03 per litre for petrol, while diesel is lower than the rest at Rs 92.76 per litre.
Financial capital Mumbai has the costliest fuel, with petrol at Rs 106.31 per litre while diesel there is priced at Rs 94.27 per litre.
Delhi slows down anti-pollution move
Although the petrol and diesel rates have traditionally remained low in Delhi, the national capital is facing pollution woes, as a firecracker ban failed to stop air quality from dropping to very poor levels. In light of this, the Delhi government earlier required citizens to produce their Pollution Under Control (PUC) certificates, in order to buy fuel, but had to put the decision on hold. On the other hand, India is offering 26 blocks for oil and gas exploration, to boost domestic crude production.
Green alternatives in the pipeline
As the country moves towards fossil fuel alternatives, the government has announced Rs 6000 crore in production linked incentives for firms generating green hydrogen in India, and also for companies which make electrolysers needed for the process.
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