Petrol and Diesel prices have continued to hike for the 16 day in a row by Rs 10 per litre. The prices are expected to rise further as oil companies adjust rates with the soaring crude oil prices. Experts are suggesting that the retail price of petrol and diesel need be adjusted by Rs 0.60 for every $1 rise on a crude oil barrel. The Oil Marketing Companies(OMC) also hiked the price of LPG by Rs 50, cooking gas cylinders costing Rs 949.50 (14.2 kg) at standard.

The prime cause for the hike in price is the ongoing Russia-Ukraine war which has disrupted the oil and gas supply chains. Russia accounts for over 24 per cent of the natural gas supply and 10 percent of global oil production in the world. Petroleum Minister, Hardeep Singh Puri, also blamed the war for the hike in price and said that the government inflated the price by only 5 percent as opposed to other developed nations raising it by 50 percent.