Record fuel price hike due to spike in oil prices during last two weeks: FM
Finance Minister Nirmala Sitharaman on Tuesday defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a “couple of weeks” phenomenon resulting in the record hike in petrol and diesel prices in last 8 days.
International oil prices had started moving up days before Russia invaded Ukraine on February 24. The basket of crude oil that India buys averaged USD 100.71 per barrel that day as compared to USD 82 in early November 2021 when state-owned fuel retailers hit the pause button on daily price revision ahead of assembly elections in five states.
