Oil Price Movements - With 16 Hikes In May, Fuel Prices Now At All-Time Highs: CARE Ratings

Oil drips from the nozzle of a fuel pump hose. (Photographer: Andrey Rudakov/Bloomberg).

Oil Price Movements - With 16 Hikes In May, Fuel Prices Now At All-Time Highs: CARE Ratings

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CARE Ratings Research Report

Nearly every alternate day of May 2021 witnessed fresh hikes of fuel prices in India.

After witnessing a total of 16 fuel price hikes, the month ended with all-time high prices in some metro cities of the country.

Same number of hikes were previously seen in February 2021.

In India’s financial capital, Mumbai, petrol prices created a fresh record by crossing Rs 100/litre for the first time, while diesel prices inched towards Rs 92/litre on May 31.

Delhi witnessed petrol and diesel prices crossing Rs 94/litre and Rs 85/litre respectively, which refers to a cumulative hike of Rs 3.83/litre (petrol) and Rs 4.42/litre (diesel) for the month of May 2021.

Click on the attachment to read the full report:

CARE Ratings Oil Price Movements for May 2021.pdf

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