Fuel Prices Surge: LPG, CNG, Petrol, and Diesel See Hikes Amid Revenue Boost Strategies

India witnessed a significant hike in fuel prices, with LPG increasing by Rs 50 per cylinder and CNG by Re 1 per kg. The government also raised excise taxes on petrol and diesel, aiming to bolster revenue. These changes align with international oil price fluctuations and mounting oil company losses.

The Indian government announced steep hikes in fuel prices, with the cost of an LPG cylinder climbing by Rs 50 nationwide and CNG prices rising by Re 1 per kg. The increase comes amid efforts to offset losses from international price variances and ensure sufficient revenue collection.

The price adjustments affect both poor beneficiaries under the Ujjawala scheme and general users, effective from April 8. Additionally, the government has increased excise duties on petrol and diesel, but these hikes are balanced against previous price cuts observed due to falling oil prices.

The Oil Minister cited increased input costs and significant losses from selling LPG below cost as reasons for the price hike, expecting to generate Rs 32,000 crore. Crucially, retail consumers will be shielded from further price increases due to these strategic adjustments.

(With inputs from agencies.)